Ascension Parish released economic development documents related to Hyundai Steel’s $5.8 billion investment on Tuesday, following the expiration of the confidentiality period. The documents include nondisclosure agreements signed by parish officials, agreements governing infrastructure improvements and details of a payment-in-lieu-of-taxes arrangement, according to a parish news release.
Nondisclosure agreements
Eight Ascension Parish government officials signed nondisclosure agreements with Hyundai Steel in August 2024, while four other parish employees signed NDAs with Louisiana Economic Development in January 2025.
“We signed these agreements so Ascension Parish could compete for high-paying jobs and generational economic opportunity for our residents,” Ascension Parish President Clint Cointment said in a statement. “Without that protection, Ascension Parish would have been placed at a serious competitive disadvantage.”
Cointment emphasized that the confidentiality agreements did not replace the public process required for governmental action.
Other documents released Tuesday include:
An intergovernmental contract and local services agreement involving Ascension Parish government, the Ascension Parish School Board, the Ascension Parish Sheriff’s Office and the Ascension Parish Industrial Development Board establishing the framework for payment-in-lieu-of-taxes, or PILOT, payments.
An intergovernmental agreement between Ascension Parish and the Louisiana Department of Transportation and Development outlining road infrastructure responsibilities related to the Energy Transition Parkway.
A cooperative endeavor agreement with Hyundai Steel establishing responsibilities for water service and infrastructure needed to support the facility.
$12 million in PILOT payments
The Ascension Parish Industrial Development Board entered into a PILOT lease with Hyundai-POSCO Louisiana Steel on March 24.
Under the agreement, Hyundai is scheduled to provide $3 million annually for four years beginning July 1, for a total of $12 million.
Ascension Parish government, the Ascension Parish Sheriff’s Office and the Ascension Parish School Board would each receive $1 million annually.
If Hyundai’s annual PILOT payment falls below $3 million, the available money generally would be distributed proportionally, with each recipient receiving one-third of the available amount until its scheduled share is satisfied.
The agreement remains in effect through Dec. 31, 2029, unless amended or terminated earlier.
Transportation projects
A separate agreement between Ascension Parish and DOTD outlines responsibilities for transportation projects serving the RiverPlex MegaPark, including the Energy Transition Parkway and improvements involving a La. 1 overpass and rail infrastructure.
During the 2025 legislative session, lawmakers approved approximately $60.6 million in general obligation bond funding for the first phase of the Energy Transition Parkway, along with $6.1 million in state general fund nonrecurring revenue.
For the rail improvement project, lawmakers approved about $132.5 million in general obligation bond funding and $13.5 million in state general fund nonrecurring revenue.
The second phase of the Energy Transition Parkway would receive $20 million from the Louisiana Economic Development Initiatives Fund.
Under the agreement, DOTD and Ascension Parish would divide responsibilities for the projects, including design, construction and related costs.
Hyundai’s investment commitments
The documents also include a cooperative endeavor agreement between Ascension Parish and Hyundai detailing the company’s investment obligations and the parish’s infrastructure commitments.
Hyundai anticipates employing about 1,452 full-time workers with an annual payroll of at least $138.6 million once operations ramp up.
The agreement’s investment schedule calls for cumulative spending to reach roughly $1.19 billion by the end of 2026.
Ascension Parish would design and construct a roughly 7,000-linear-foot road serving the Hyundai project and other RiverPlex MegaPark tenants. The parish also would improve and expand potable water infrastructure at the industrial park to provide up to 156,000 gallons per day and cooperate with the state on additional road and rail improvements.
Default provisions
The CEA also establishes events of default for both Hyundai and Ascension Parish.
Hyundai could be found in default for failing to complete the project by the required date, failing to meet certain commitments, or losing rights under related state agreements.
Ascension Parish could be found in default if it fails to fulfill its contractual commitments.
Both parties generally would have an opportunity to remedy a default before the other side could terminate its obligations under the agreement.
