(The Center Square) − South Louisiana could soon welcome a multibillion-dollar economic boost as Hyundai plans to build a steel mill in Ascension Parish to supply its U.S.-based Hyundai and Kia vehicle assembly plants.
The project, as reported by the Times-Picayune, expected to create roughly 1,300 full-time jobs, is being touted as a major development opportunity for the region, according to sources familiar with the plans.
In October, Landry and his cabinet, including Louisiana Economic Development Secretary Susan Bourgeois, traveled to Korea to meet with the motor company and negotiate terms.
The plant is set to occupy several hundred acres of rezoned sugarcane fields near Donaldsonville, within an industrial mega park designed to attract large-scale manufacturing and chemical projects.
Hyundai is eligible for substantial benefits through Louisiana’s Industrial Tax Exemption Program, which offers up to a 10-year exemption on local property taxes for new or expanded facilities. This exemption could significantly reduce the company’s long-term costs on property and equipment investments.
The proposed steel mill is among several significant projects vying for incentives under ITEP. Of the 223 applications submitted to LED in 2024, only 15 were approved for contracts, representing a total investment of $2.4 billion. Hyundai’s project, if finalized, would mark one of the largest single investments in the state’s manufacturing sector.
The company is reported to spend over $6 billion on the project.
Additionally, Ascension Parish has offered Hyundai a rebate of two cents per dollar on applicable local sales and use taxes for building materials, machinery, equipment, and permanent fixtures used in the plant’s construction and startup. The rebate is contingent on the company creating at least 20 new jobs.
Louisiana Economic Development has also extended long-term tax breaks and other incentives, though specifics have not been disclosed. In October, then-Gov.-elect Jeff Landry and key state officials traveled to South Korea to meet with Hyundai executives, underscoring the state’s commitment to securing the project.
