Latest news with #HyundaiSteelCo.
Korea Herald
a day ago
- Business
- Korea Herald
Govt. convenes emergency meeting on response to planned hike in US steel tariffs
The government held an emergency meeting with major local steelmakers Monday to discuss the impact of the United States' plan to double its tariffs on all steel imports to 50 percent later this week, the industry ministry said. The meeting, hosted by the Ministry of Trade, Industry and Energy, was attended by officials from POSCO Group, Hyundai Steel Co. and other major steel companies here, according to ministry officials. Monday's meeting came after US President Donald Trump said last week he will double tariffs on foreign imports of steel to 50 percent Wednesday. The ministry said steel industry officials asked the government to swiftly share information on US tariff measures and continue cooperation with the private sector to respond to them. The ministry added that the government will work to minimize any negative impact of US tariffs on the local industry through trade negotiations with Washington. In May, South Korea's steel exports went down 12.4 percent from a year earlier to $2.6 billion, with shipments to the US plunging 20.6 percent over the cited period. Korean steelmakers have been working to soften the blow of Trump tariffs, with some companies planning to increase their production in the US. Hyundai Steel plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility, according to company officials. (Yonhap)
Hans India
3 days ago
- Business
- Hans India
Trump to double steel tariffs to 50 pc from next week
Washington: US President Donald Trump has said that he planned to double tariffs on foreign imports of steel to 50 percent starting next week, further casting a cloud on steelmakers around the globe. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent — the tariffs on steel into the United States of America — which will even further secure the steel industry in the United States," Trump said on X social media platform. He later posted on social media that the higher tariff rate would take effect on June 4, reports Yonhap news agency. "It is my great honour to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!" Trump wrote on his Truth Social platform. The planned rate hike is the latest in his trade policies that focus on tariff hikes, and came days after a trade court ruled his sweeping reciprocal tariffs illegal, which was later blocked by an appeals court to leave the tariffs temporarily alive. The 25-percent tariffs on most steel imported to the U.S. went into effect in March as part of the Trump administration's broader tariff scheme aimed at reducing America's trade deficits and bolstering local manufacturing. Data showed earlier Seoul's U.S.-bound exports of steel products declined nearly 19 percent from a year earlier in March. Outbound shipments of steel products to the U.S. came to US$340 million in March, down 18.9 percent from the same month last year. It is difficult to assess the impact of U.S. tariffs on Seoul's steel exports as transactions are usually made months ahead, but there may still have been some influence. Korean steelmakers have been devising response measures to the U.S. tariffs, with some companies planning to increase their production in the U.S. Hyundai Steel Co. plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility.
Korea Herald
13-03-2025
- Business
- Korea Herald
S. Korea to devise response measures to US tariffs on steel this month: minister
Seoul will come up with a response strategy before the end of this month to deal with the United States' 25 percent tariff on all steel imports and protect the Korean steel industry, the industry minister said Thursday. Industry Minister Ahn Duk-geun offered the timeline at a meeting with officials from major steelmakers, including Posco Group and Hyundai Steel Co., saying the government will "sternly respond to any attempts of unfair trade activities." "The government is working to bolster trade safeguard measures, including strengthening monitoring on imported goods and circumvention dumping on unfairly imported products," he said. The Donald Trump administration imposed 25 percent duties on all steel imports, including those from South Korea, starting Wednesday. The Trump administration also levied tariffs on 87 steel and aluminum derivative products, and lifted duty-free quotas for steel imports from South Korea and other countries. In 2018, the first Trump administration had waived tariffs on South Korean steel products in exchange for a yearly import quota of 2.63 million tons, which accounted for around 70 percent of Korea's average export volume between 2015 and 2017. In the meeting, Ahn told the steel companies the government will work to enhance support measures for the industry and put in all-out efforts to negotiate with the US on the matter. "I ask the companies to consider heightened uncertainties as a constant variable and proactively review investment and export strategies focused on high-value products," Ahn said. (Yonhap)
Korea Herald
13-02-2025
- Business
- Korea Herald
Seoul set to discuss possible anti-dumping duty on Chinese thick steel plates: sources
The South Korean government will hold a meeting next week to discuss possible anti-dumping measures on Chinese thick steel plate imports amid growing concerns for the local steel industry sparked by the global trade war, sources said Thursday. The Korea Trade Commission will hold a meeting next Thursday to come up with a preliminary decision on a complaint filed by Hyundai Steel Co., South Korea's second-largest steelmaker, calling for anti-dumping measures against Chinese thick steel plates, according to sources familiar with the matter. The KTC commenced an investigation into the case in October after Hyundai Steel filed a complaint with the government in July against low-priced thick steel plates imported from China. If the KTC recognizes any damage suffered by South Korean companies due to cheap Chinese products in its preliminary decision next week, the government may take steps to slap anti-dumping tariffs on such imports. The KTC is reportedly reviewing the matter with caution as its decision could have a big impact on the Korean thick steel plate market, which has an estimated value of some 8 trillion won ($5.5 billion). The Korean steel industry has been on alert after the US government announced plans to impose a 25 percent tariff on all steel and aluminum imports starting March 12. Market watchers say the new US duties could worsen challenges facing the local industry, which is already grappling with oversupply, especially from China, and declining global demand. If cheaper Chinese steel products, unable to enter the US market, flood other regions, such as Europe and Southeast Asia, South Korean steelmakers will likely face tougher price competition. "All the countries in the world are currently taking trade measures in the steel sector," a government official said, noting the government will review the matter "in accordance with related laws and procedures." Meanwhile, during an industrial investment strategy meeting Wednesday, Industry Minister Ahn Duk-geun said the government will strengthen trade remedies to protect local industries amid heightened uncertainties in global trade. (Yonhap)
