Hyundai Steel
PARISH: Ascension
INDUSTRY: Process Industries
Hyundai Steel is a global steel manufacturer and a member of Hyundai Motor Group. Founded in 1953, the company produces a wide range of steel products for automotive, construction, energy, and industrial applications. As one of the world’s leading steel producers, Hyundai Steel specializes in advanced and low-carbon steel manufacturing technologies that support modern vehicle production and sustainable industrial development.
$5.8B
Capital Investment
1,300
Direct New Jobs
Hyundai Steel Announcement In 2025, Hyundai Steel announced plans to invest $5.8 billion in a new ultra-low carbon steel manufacturing facility in Ascension Parish, marking the company’s first steel production operation in North America. Located on approximately 1,700 acres within the RiverPlex MegaPark, the project represents one of the largest economic development wins in Louisiana history and the largest single project announcement in the organization’s 20-year history.
The state-of-the-art electric arc furnace steel mill will create more than 1,300 direct jobs and an estimated 4,100 indirect jobs throughout the region. Hyundai selected Ascension Parish following a competitive site selection process that highlighted the region’s strategic location, multimodal transportation infrastructure, reliable energy resources, skilled workforce, and proximity to major automotive manufacturing markets across the United States.
National Recognition and Building the Future of Advanced Manufacturing
Since announcing its Louisiana investment, Hyundai Steel has received national recognition for the scale and impact of the project. In 2025, Business Facilities named the project its Platinum Deal of the Year, recognizing the $5.8 billion investment, job creation, and collaborative economic development effort that secured the company’s first North American steel manufacturing facility in Ascension Parish.
In 2026, Hyundai Steel and LSU signed a Master Research Agreement to advance next-generation steelmaking technologies, materials science, robotics, automation, energy systems, and workforce development. The partnership will support research, internships, and talent development while helping strengthen Louisiana’s position as a leader in advanced manufacturing and industrial innovation.
“Louisiana stood out through a rigorous, data-driven site selection process because of its unmatched ability to support our vision. From multimodal logistics and reliable large-scale energy supply to a strong chemical and hydrogen ecosystem and access to major automotive manufacturing hubs, the Baton Rouge area offers unique synergies that enable sustainable steel production at scale. Most important was the collaborative, pro-business leadership at the state, regional, and local levels. We are grateful to the many elected officials and industry partners who continue to demonstrate an exceptional understanding of our project’s complexity and urgency.”
Taek Joon Kim
Hyundai Steel
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