Latest news with #HyundaiSteel
Reuters
an hour ago
- Business
- Reuters
South Korea to minimise impact of 50% tariff on steel products, ministry says
SEOUL, June 2 (Reuters) - South Korea's Industry Ministry said on Monday it will actively respond to the looming 50% U.S. tariff on steel products as part of the country's ongoing trade discussions with Washington in order to minimise the impact on industry. The ministry held an emergency meeting with officials from the country's major steelmakers, including POSCO ( opens new tab and Hyundai Steel ( opens new tab, it said in a statement. U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. Shares of South Korean steelmakers lost ground on Monday, with Hyundai Steel falling 3% and SeAH Steel Corp ( opens new tab down 6.3% in morning trade.
CNA
an hour ago
- Business
- CNA
South Korea to minimise impact of 50% tariff on steel products, ministry says
SEOUL : South Korea's Industry Ministry said on Monday it will actively respond to the looming 50 per cent U.S. tariff on steel products as part of the country's ongoing trade discussions with Washington in order to minimise the impact on industry. The ministry held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel, it said in a statement. U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. Shares of South Korean steelmakers lost ground on Monday, with Hyundai Steel falling 3 per cent and SeAH Steel Corp down 6.3 per cent in morning trade.
Korea Herald
6 days ago
- Automotive
- Korea Herald
Hyundai Steel deepens ties with European partners at WRC Portugal
Hyundai Steel announced Tuesday that it had hosted a Customers Day event at the World Rally Championship in Portugal to highlight its advanced technologies and strengthen partnerships with key European clients. The event served as a platform for the Hyundai Motor affiliate to share its latest developments in automotive steel production, including progress on its US electric arc furnace project, the integration of electric arc and blast furnace technologies, and the performance of its low-carbon steel solutions. These presentations emphasized the company's commitment to sustainability and innovation in response to tightening global regulations. Following the technical briefing, participants visited the WRC service park where they viewed rally cars featuring Hyundai Steel's logo and materials. Clients were particularly interested in the application of the company's steel in major vehicle components. They later attended the rally itself, enjoying the race alongside motorsport fans from around the world. 'It was a valuable opportunity to learn firsthand about Hyundai Steel's advanced automotive steel and carbon-reduction technologies,' said one client representative. 'We look forward to further strengthening our collaboration.' Hyundai Steel noted that the event was not only a chance to demonstrate its technological capabilities, but also to deepen trust and engagement with its European partners. "This was a meaningful opportunity to communicate our global competitiveness and reinforce our partnership with key clients," a company spokesperson said. The steelmaker, which has supported Hyundai Motorsport since 2015, plans to broaden its global outreach further. With Genesis set to compete in the 24 Hours of Le Mans starting in 2026, Hyundai Steel expects to expand contact with potential customers on the global stage.
Korea Herald
23-05-2025
- Automotive
- Korea Herald
Hyundai Steel earns CDP honor for climate change response
Hyundai Steel, the steelmaking arm of Hyundai Motor Group, has been acknowledged for its strong efforts in tackling climate change by global sustainability evaluator Carbon Disclosure Project, the company said Friday. The company received the Carbon Management Honors award in the materials sector at the 2024 CDP Korea Awards, held April 30 at the Fairmont Ambassador Seoul. The award, presented by CDP Korea, highlights the top three Korean companies in each industry sector based on CDP's global environmental performance standards. CDP is a global non-profit organization that operates the world's largest environmental disclosure platform, providing comprehensive datasets on carbon reduction efforts by companies and local governments, and evaluating the efforts of approximately 24,800 companies as of 2025. 'This recognition has earned us the trust of stakeholders both in Korea and abroad, as it provides reliable information for sustainable investment,' said a Hyundai Steel official. Hyundai Steel received a favorable evaluation for its 2050 carbon neutrality roadmap, announced in 2023. The plan outlines the company's transition to a low-carbon production system by increasing reliance on electric furnaces and adopting carbon capture technologies, aiming to achieve net-zero emissions by 2050. The company was also commended for its transparent disclosure of environment-related management information, including investments in low-emission production technologies. 'We will continue to strengthen our climate action strategies by implementing carbon reduction plans aligned with our roadmap toward carbon neutrality,' the Hyundai official added.
Time of India
23-04-2025
- Automotive
- Time of India
Hyundai Steel's $6 bn US investment draws investor ire, tests Seoul's tariff strategy
In late March, as investors kept hammering Hyundai Steel shares after the South Korean steelmaker announced a $6 billion investment in the U.S., the company organised a call with a dozen investors to calm nerves over the project that lacked detailed funding plans. "We apologise that the plan was announced when some of the details are still under review," a Hyundai Steel official told them about the deal, part of a $21 billion U.S. investment package its parent Hyundai Motor Group unveiled at the White House on March 24. "But we had to move quickly in light of fast developing U.S. tariff situations and the limited capacity of our government to actively respond," he said, according to a transcript of the call seen by Reuters and confirmed by a person with direct knowledge of the closed-door meeting. The remark referred to the political vacuum stemming from former President Yoon Suk Yeol 's impeachment. Four Hyundai executives and government officials told Reuters that they hoped the investment would pave the way for Hyundai and South Korea to push for more favourable terms in tariff negotiations with the U.S. South Korean senior government officials are set to have talks with their U.S. counterparts in Washington on Thursday, as they seek exemptions or reductions on tariffs. But some investors, trade experts and workers are concerned over whether the hastily drawn-up plan will actually help South Korea win trade concessions. Two days after the White House event, President Donald Trump announced 25% tariffs on imported autos, with no exemptions on Korean products. "What would be longer-term benefits as U.S. tariff and trade policies could change again when the new plant is up and running in 2029 and Trump wouldn't be in office any longer?" asked one investor on the call. Other questions raised included why the plant would be built in Louisiana, which does not neighbour states where its client Hyundai Motor has auto plants, what concessions it is expecting from the U.S., and whether Hyundai would be able to secure enough customers to fill up the capacity. Hyundai Steel's stock has lost 21.2% of its value since the investment was announced, lagging rival POSCO Holdings' 18.3% loss and the benchmark index's 5.5% fall. Hyundai Motor shares fell 12.9% during the same period. The investment plan comes as Hyundai Steel grapples with weak domestic demand, an influx of cheap Chinese steel and labour strikes over a wage deal that was agreed only recently. It reports quarterly results on Thursday. Analysts warn the investment could also increase financial stress on the struggling steelmaker and it may have to scale back the capacity of the new plant, which is expected to produce enough steel to make 1.8 million vehicles a year, well above the combined production target of 1.2 million units by Hyundai and its affiliate Kia in the U.S. "If the project turns out to be financially unviable, the company is likely to scale it back or delay execution. At this stage, the announcement may be more about political signaling than a firm commitment," said Chan H. Lee, managing partner at Petra Capital Management in Seoul. Hyundai Steel said in a statement it expects "stable demand" for automotive steel in the United States, the world's largest car market, and that its planned U.S. facility will supply high-quality, low-carbon steel products to both Hyundai-Kia and other U.S. customers. The company added that its investments and tariff negotiations are "separate matters." Addressing concerns about its domestic operations, Hyundai Steel said it is working to enhance the competitiveness of its South Korean factories. Hyundai Steel said it would fund 50% of the U.S. investment with borrowing but has yet to disclose how the rest of investment would be split among potential equity investors. It said earlier this week local rival POSCO would make an equity investment in the project. UNUSUAL Hyundai Motor and affiliate Kia, which together generate about one-third of their global sales from the U.S. market, have been courting Trump since his election win in November. South Korea is the second-biggest exporter of cars to the United States after Mexico. Hyundai Motor donated $1 million to Trump's inaugural fund and also invited him to an opening ceremony of its new Georgia car factory in late March, Hyundai Motor Group Executive Chair Euisun Chung told reporters at the event in late March. After being briefed about Hyundai's U.S. steel factory plan, Trump invited the chairman and other Hyundai executives to the White House, Chung said. "It's quite unusual to announce an investment plan at the White House, as we would normally organise such events with state governments where we are investing," a person familiar with the matter told Reuters, declining to be identified as he was not authorized to speak to the media. "It appeared the White House wanted to tout our investment as an example showing that its tariff policy works." For Hyundai Motor Group, the investment plan has not gone any further beyond the flashy announcement for now, as South Korea is hoping to negotiate a reduction in the 25% tariffs Trump has imposed on South Korean goods (since suspended for 90 days) or give exemptions to a separate 25% levy imposed on imported vehicles and steel. Chung told reporters that he does not expect one company's investments alone to bring a major change in U.S. tariff policy and its new U.S. factory is to meet potential requirements for low-carbon steel rather to prepare for tariffs. "Tariffs are a state matter between a country and a country," he said, adding Hyundai and South Korean government will hold talks with the U.S. administration. "We are closely monitoring new policy developments and continually review various business strategies to ensure long-term profitability", Hyundai Motor Group said in a statement, adding it still plans to invest 24.3 trillion won ($17.05 billion) in South Korea this year. Some experts also had reservations about how big a role Hyundai's investment would play in tariff talks between Seoul and Washington. "Typically in trade negotiations, each side avoids making early unmatched concessions, preferring a package deal approach. But these are not normal times," said Wendy Cutler , a former U.S. Trade Representative chief negotiator who heads the Asia Society Policy Institute. She said Korean negotiators would need to remind the U.S. negotiating team of the need to get credit for their investment in any final deal. "If Hyundai had coordinated with the government and used the investment as part of Seoul's broader packaged offer later, who knows that the outcome might have been a bit different," former trade minister Yeo Han-koo told Reuters. As uncertainty over trade talks persist, some Hyundai workers in South Korea remain worried. Kang Do-hoon, a factory worker at Hyundai's Incheon production site that now faces a one-month operation suspension due to weak construction steel demand, said the company's U.S. investment plan is upsetting many workers as they have been calling for more investment in local factories. "This is the first time we have experienced such a bad situation ... so I am really worried," said Kang, who has been working at the plant for 15 years. "We feel a great sense of loss."
