Hyundai Motor Group is evaluating plans to construct its first overseas steel manufacturing facility in New Orleans, Louisiana. The estimated investment of 10 trillion won would support the group's expanding electric vehicle production operations in the US.

The South Korean automotive conglomerate, which includes Hyundai Steel Co. and Kia Corp., selected New Orleans as its preferred location after considering sites in Texas and Georgia.

While Hyundai Motor Group officials have confirmed they are "reviewing" plans for a US steel mill, they declined to provide specific details.

According to sources familiar with the project, construction could begin as early as spring 2026, with completion targeted for 2029.