South Korean auto giant Hyundai has announced a multi-billion dollar investment in the US, including a new steel plant worth $5.8 billion, AFP reports.

The plant, which will be based in the US state of Louisiana, "will create 1,300 American jobs," Hyundai Executive Chairman Yuisong Chung said at a White House event alongside President Donald Trump.
The move will also "serve as the foundation for a more self-sufficient and secure automotive supply chain in the U.S.," he added.
Hyundai's announcement makes it the latest company to announce plans for billions of dollars of investment in the United States since Donald Trump's return to power in January.
The US president has repeatedly threatened to impose painful tariffs on companies that don't move their manufacturing jobs from overseas to the US.
In response, domestic and foreign firms, including Apple and Oracle, have announced plans to invest hundreds of billions of dollars in U.S. projects over the next four years.
"Automobiles are coming to this country at unprecedented levels", Trump told reporters.
The investments are "a clear demonstration that tariffs work very strongly," he added.
"Hyundai is going to produce steel in America and make their cars in America and as a result they won't have to pay any tariffs," he added. | BGNES