Hyundai Steel from South Korea has revealed its plan to invest $5.8 billion together with Hyundai Motor Group to construct a plant in Louisiana, United States. The plant will have a yearly production capacity of 2.7 million tonnes, as per a regulatory filing made by the company on Tuesday. This investment is part of Hyundai Motor's total $21 billion commitment to projects in the United States, which was announced by the company on Monday in collaboration with President Donald Trump at the White House.

Following this announcement, Hyundai Motor's stocks surged by 7.5% on Tuesday, reaching the highest level recorded since late October 2024. Similarly, affiliate company Kia Corp also witnessed a 4.3% increase in its shares, and Hyundai Steel saw a spike of 5.4%.

(Adapted from reporting by Hyunsu Yim; Edited by Himani Sarkar)