A new Hyundai steel plant worth $5 billion will be built in Ascension Parish near Donaldsonville, according to an announcement made by President Donald Trump and Gov. Jeff Landry. The plant will serve as a steel supply mill for Hyundai, supporting U.S. assembly plants.

The new Ascension Parish plant will create up to 1,500 full-time jobs and notch a major economic development opportunity for south Louisiana, according to sources familiar with the deal.

According to Louisiana Economic Development (LED), the new facility will be located on 1,700 acres in Donaldsonville’s RiverPlex MegaPark and will be Hyundai’s first North American steel plant.