Hyundai announces new $21 billion investment in US manufacturing

South Korean auto giant Hyundai on Monday announced a multi-billion-dollar investment in the United States, including a new $5.8 billion steel plant.

The plant, which will be based in the US state of Louisiana, "will create 1,300 American jobs," the Hyundai executive chairman said at a White House event alongside President Donald Trump. The move will also serve "as the foundation for a more self-reliant and secure automotive supply chain in the US," he added.

Hyundai's announcement makes it the latest firm to announce plans to invest billions of dollars into the United States since Donald Trump's return to power in January. "Hyundai will be producing steel in America and making its cars in America, and as a result, they'll not have to pay any tariffs," Trump said on Monday.