Work stoppages, layoffs, Hyundai Steel employees worried about their livelihoods
Hyundai Motor Group is South Korea's largest exporter of automobiles to the United States. Last month, the United States' policy of imposing a 25% tariff on imported steel and aluminum products took effect, further affecting South Korea's steel exports to the United States, making the business environment of Hyundai Steel, a subsidiary of Hyundai Motor Group, even worse. Just two days before the United States imposed tariffs, Hyundai Motor Group executives visited the White House and announced that they would invest $21 billion in the United States over the next four years, including a $5.8 billion investment by Hyundai Steel to build a new plant in Louisiana to supply steel to its auto plants in Alabama and Georgia. The news of the huge investment in the United States has exacerbated the concerns of Hyundai Steel's employees. In Incheon, South Korea, a Hyundai Steel plant has stopped production and started a voluntary resignation process to lay off employees.