Hyundai says it will build $5.8 billion steel mill in Louisiana

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

The plant, which will be based in Louisiana, will create 1,300 jobs in the U.S., Hyundai executive chairman Euisun Chung told reporters at a White House event alongside President Trump. The move will also serve "as the foundation for a more self-reliant and secure automotive supply chain in the U.S," the car executive added.

Mr. Trump has repeatedly threatened to impose tariffs on companies that do not shift manufacturing jobs to the U.S. from overseas.