Good news!

South Korean conglomerate Hyundai will announce a $20 billion investment in U.S. onshoring that includes a $5 billion steel plant in Louisiana, according to people familiar with the plans.

 

The plant is set to hire roughly 1,500 employees and will produce next-generation steel that will be used by Hyundai’s two U.S. auto plants to manufacture electric vehicles. The investment is expected to be announced Monday at the White House by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Gov. Jeff Landry.