South Korea's Hyundai Steel will invest $5.8 billion along with Hyundai Motor Group to build a steel plant in the U.S. state of Louisiana with an annual capacity of 2.7 million tonnes, the company said in a regulatory filing on Tuesday.

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.

Hyundai Steel Company announced March 24 that it would build a new $5.8 billion electric arc furnace steel mill in Louisiana to supply steel for Hyundai Motor Group. The latest announcement follows a previous Hyundai announcement it would invest a total of $21 billion in the United States on unspecified projects.