President Donald Trump announced on Monday that Hyundai will be investing $5.8 billion to build a steel plant in Louisiana, as part of a larger $21 billion investment into the country in the next few years. This is the latest company to announce multi-billion-dollar investments into the country.

Trump said that the new Louisiana steel plant would produce 2.7 million metric tons of steel per year and create more than 1,400 jobs for American steel workers. He said that there will be “major expansion after that.”

“This will be Hyundai’s first-ever steel mill in the United States—one of the largest companies in the world, by the way—supplying steel for its auto parts and auto plants in Alabama and Georgia, which will soon produce more than 1 million American-made cars every single year.”

Trump said that the investment from the South Korean company “is a clear demonstration that tariffs very strongly work, and I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed. Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs.”

He later added, “The new steel plant in Louisiana is part of an even larger $21 billion investment Hyundai will be making in the United States over the next couple of years. The company will also be massively increasing its auto manufacturing in Georgia and investing billions of dollars in advanced American technology companies.”