As the new year gets underway, Louisiana received some positive economic news as Hyundai Motor Group announced that they are planning to build a multibillion-dollar steel mill in Ascension Parish, to supply steel for its Hyundai and Kia vehicle assembly plants in the U.S. The new plant is expected to create 1,300 new, permanent jobs. Construction could start as early as 2026, pending regulatory approvals, with operations expected by 2029. Economist Loren Scott says this is a big win for Louisiana.
“This is the type of industry that not only brings a lot of jobs but also has a very large multiplier effect. In other words, there are a lot of other industries such as construction, healthcare, and professional services that will also start picking up jobs.”
The new facility, expected to cost six-billion-dollars, will be built on sugarcane fields near Donaldsonville within the Riverplex MegaPark industrial site. Scott says Louisiana offers many positive benefits, including low-cost natural gas, electricity, rail lines, highways, and strategic access to shipping…