South Korean Company to Set-up Steel Plant in the U.S.

South Korean company Hyundai Steel announced on Tuesday to set up a steel plant in the state of Louisiana of United States of America with an annual capacity of 2.7 million tonnes, inviting prises from U.S. President Donald Trump. A total of $21 billion would be invested in the venture.

Trump has given an open invitation to multinational companies from across the world to open their manufacturing set ups in the U.S.—which will invite zero tariff.

The South Korean company will be the first of the multinational companies to decide to set up its plant in the United States on Trump’s open invitation. Trump had placed 25 per cent tariff on steel and aluminium imports from other countries, which impacted South Korea too.