Hyundai Steel to Build $5.8 Billion Mill in Ascension Parish, Louisiana
The latest in this situation
- LDEQ approved the air permit for Hyundai Steel's facility despite Sierra Club's objections.
- DEQ granted the necessary air permit for Hyundai's Louisiana steel mill.
- The mill project is fueling an industrial construction boom and creating a ripple effect in Baton Rouge.
- Ascension Parish offered tax breaks to attract Hyundai's steel mill project.
- Hyundai Steel broke ground on its new mill in Ascension Parish, signing a PILOT program with the parish.
How it started
What happened
Hyundai Steel is constructing a $5.8 billion steel mill in Ascension Parish, Louisiana. The project is supported by a Payment in Lieu of Taxes (PILOT) program and various tax breaks. These incentives include waiving all sales and property taxes in exchange for a flat $3 million annually, which is split between the parish, school system, and sheriff's office.
Why it matters
The project is expected to bring over 1,000 to 1,300 direct jobs to the parish, with average salaries of $95,000. The state is also considering up to $900 million in tax-free bonds for the facility. Jeff Landry has promoted the mill as a key component of his economic development strategy.
Who's involved
- Hyundai SteelSouth Korean company building the major steel manufacturing facility.
- HyundaiThe multinational conglomerate that owns Hyundai Steel.
- LouisianaThe state where the facility is being constructed and major incentives are being utilized.
- Ascension ParishThe parish in Louisiana where the facility is being built.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- LouisianaSpeculative
The state economy could benefit from the establishment of a major industrial base and increased tax revenue.
How it developed
Newest first. Tap a step to see who reported it.Ascension Parish offered tax breaks to attract Hyundai's steel mill project.1 source
Hyundai Steel broke ground on its new mill in Ascension Parish, signing a PILOT program with the parish.1 source
The Hyundai steel mill project in Ascension Parish faces both official consideration and local pushback.1 source
- Colleges in Louisiana are developing specialized training programs for workers at Hyundai Steel facilities.Sub-event
- Hyundai is building a $5.8 billion steel mill in Ascension Parish, Louisiana.Sub-event
Groundbreaking ceremony held for Hyundai Steel's new mill in Louisiana, attended by Donald Trump.1 source
- Hyundai Steel proposes a facility in Louisiana, and the Sierra Club submitted comments on permit flaws.Sub-event
Hyundai Steel plans a new mill in Louisiana, supported by state official Jeff Landry.1 source
Keep exploring
The entities involved
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Louisiana
state of the United States of America
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Hyundai Steel
South Korean company
Nothing else this week.
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Jeff Landry
American politician (born 1970)
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