Latest news with #Posco
Malay Mail
2 days ago
- Business
- Malay Mail
South Korea seeks to cushion steel blow as US hikes tariff to 50pc
SEOUL, June 2 — South Korea's Industry Ministry said on Monday it will respond to the looming 50 per cent US tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry. US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50 per cent from 25 per cent starting Wednesday, ratcheting up pressure on global steel producers and deepening his trade war. South Korea is the fourth-biggest exporter of steel to the United States, behind Canada, Mexico and Brazil last year, according to American Iron and Steel Institute data. South Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including Posco and Hyundai Steel. Shares of South Korean steelmakers lost ground on Monday, with Posco and Hyundai Steel falling 3 per cent and SeAH Steel Corp down 6.3 per cent in morning trade. The 50 per cent tariffs will add challenge to Korean steel exporters which have refrained from sharply boosting exports to the US to avoid Washington scrutiny, despite rising US steel prices, an industry executive told Reuters. 'It will be a burden to exporting companies, if there are no additional steel price increases in the US,' he told Reuters, asking not to be identified due to the sensitivity of the issue. Despite tariffs, South Korea's steel shipments to the United States rose 12 per cent in April from a year earlier, according to trade data. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminum imported to the US went into effect on March 12. Industry officials said the tariffs have increased steel prices in the United States, impacting several sectors, including home appliances, cars, and construction. Trade talks South Korea, a major US ally, has called for the exemption of tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum. In late March, Hyundai Steel announced a plan to build a US$5.8 billion (RM24.7 billion) factory in Louisiana in response to US tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival Posco signed a preliminary deal to make an equity investment in the factory project. — Reuters
Business Times
2 days ago
- Business
- Business Times
South Korea to minimise impact of 50% tariff on steel products, ministry says
[SEOUL] South Korea's Industry Ministry said on Monday (Jun 2) it will respond to the looming 50 per cent US tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry. US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. The ministry held an emergency meeting with officials from the country's major steelmakers, including Posco and Hyundai Steel, it said. Shares of South Korean steelmakers lost ground on Monday, with Posco and Hyundai Steel falling 3 per cent and SeAH Steel Corp down 6.3 per cent in morning trade. South Korea is the fourth-biggest exporter of steel to the United States, behind Canada, Mexico and Brazil last year, according to American Iron and Steel Institute data. South Korea, a major US ally, has called for the exemption of tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum. In late March, Hyundai Steel announced a plan to build a US$5.8 billion factory in Louisiana in response to US tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival Posco signed a preliminary deal to make an equity investment in the factory project. REUTERS
Time of India
2 days ago
- Time of India
Art therapy: Kaushambi jail inmates find solace in colours & brushstrokes
Prayagraj: At the crack of dawn, 26-year-old Manish Kumar , one of the 800 inmates at Kaushambi district jail, unleashes his creativity. Armed with colours of hope and brush, he brings his imagination to life, conceptualising sketches and designs that leave a lasting mark on the jail's walls. Manish finds solace in working with colours. Notably, Manish shares his knowledge with fellow inmates, who typically engage in various activities such as farming, computer learning, crafting, agriculture and sewing to productively pass their time in jail. The undertrial has introduced his fellow inmates to diverse art forms, highlighting the effectiveness of wall slogans. He encourages them to try sketching, painting, and mastering techniques like colour combinations and shading. T hrough their collaborative efforts, the prison walls are being transformed into lively and dynamic works of art like vibrant murals and hard-hitting slogans like 'stree ki unnati par hi rashtra ki unnati nirbhar hai' (The progress of a nation depends on the progress of women) and 'vyakti apne vicharon ke siwa kutch nahi hai, vo jo sochta hai ban jata hai' (A man is nothing but his thoughts; he becomes what he thinks). Ajitesh Mishra, superintendent of Kaushambi district jail, told TOI, "Manish, a resident of Charwa, was lodged in Kaushambi district jail three months ago under Posco charges. About a fortnight ago, Manish approached the jail authorities with a unique request — to allow him to transform the prison walls into vibrant and lively spaces. He also requested art supplies, including paint and brushes." "Inmates are showcasing their creativity by working on various murals and artworks to transform the prison's interiors... The prison walls are being decorated with vibrant graffiti, featuring sketches of freedom fighters, forest scenes and wildlife. The inmates have also created artwork to beautify the walls, bringing them to life with their creative expressions," Mishra added. Considering it as a way of expression, Manish is spending five to six hours daily painting the graffiti, a jail official said. Manish feels painting serves as a great way to disconnect from the outside world, requiring intense focus and effort. He also appreciates the productive nature of this creative outlet. "They should feel motivated and become better people after their release," said a senior jail official, adding, "They have seen a drastic change in their personality and their approach after they took up art". "We think most of them need a platform to channelise their energies in the right direction," said a senior jail authority, adding, "Once these prisoners learn skills in different artwork, they could be able to transform their lives and become self-reliant after release."
Korea Herald
5 days ago
- Business
- Korea Herald
Posco opens minerals lab in Australia
Posco Holdings, the holding company of Korean steel giant Posco Group, said Friday it has opened a key minerals research center in Australia to secure a technological edge in advanced materials, spanning steelmaking, battery materials and rare earths. According to the group, the new launch underscores its commitment to localization strategies, designed to not only secure raw materials cost-effectively, but also advance low-carbon processing technologies. Located in Perth, the center will focus on developing low-carbon steelmaking and cost-reduction technologies for lithium and nickel. It will also pursue rare earths supply chain development and high-efficiency refining technologies. This marks the first time a Korean company has established an on-site resources facility at a site sourcing raw materials, the company explained. 'Since 1971, when Posco first imported Australian iron ore, the company has built strong trust and collaboration with the Australian government and industry, emerging as a global top-tier materials company in steelmaking and battery materials,' said Chair Chang In-hwa at the opening ceremony in Perth on Friday, which was attended by executives from Australian resource companies, as well as representatives from local academic and research institutions. 'This center, combining Australia's rich resources with the group's materials technology expertise, will serve as a hub for advancing mineral processing technologies and securing critical minerals,' Chang added. The new facility brings the group a step closer to the Chang's goal of integrating technology and business strategy across the full spectrum of operations, from research and development to production and sales. The group said it will continue exploring next-generation minerals and pursuing local mining investments through partnerships. Since the early 1980s, Posco has worked closely with Australian partners to build supply chains for key minerals. The company has participated in the development of the Roy Hill iron ore mine and currently operates a joint venture with Australian lithium mining company PLS to produce lithium hydroxide for secondary battery materials.
Korea Herald
7 days ago
- Automotive
- Korea Herald
Posco accelerates digital transformation to tackle global headwinds
Posco Group is accelerating its digital transformation efforts in a bid to overcome challenges posed by global oversupply and sluggish demand. The initiative aligns with Chair Chang In-hwa's designation of 'Rebuilding steelmaking competitiveness' as one of the group's seven key future innovation goals. According to the group on Wednesday, its Pohang Steelworks production facility recently developed an AI-based Coil Car Material Jam Detection System, designed to improve operational efficiency and reduce downtime. The Coil Car is a specialized vehicle used to transport wire rod coils. In the past, improper loading of coils onto these vehicles required time-consuming and labor-intensive recovery processes. With the new system, real-time monitoring and automatic alerts are now possible, significantly reducing such disruptions. The detection system combines object recognition algorithms with CCTV footage. During the early stages of development, Posco collected over 3,000 images to train the model, followed by system tuning and the implementation of a notification mechanism. As a result, the facility can now detect anomalies in real time, achieving a substantial reduction in line stoppages. Meanwhile, at its Gwangyang Steelworks, Posco has installed Lidar-based barriers and AI-powered CCTV systems in the traffic zones of the steelmaking plant's slab finishing facility. This is part of its Smart Fool Proof System, developed to enhance worker safety. The system is an advanced safety solution designed in-house to prevent equipment failures and workplace accidents caused by human error. The Lidar-equipped barriers remain closed under normal conditions. When crane or vehicle movement is detected in the designated zone, the barrier opens to allow safe passage. Conversely, if crane movement is ongoing, the barrier stays shut to ensure safety. The key lies in the system's ability to accurately distinguish between workers, cranes and vehicles. Posco said it plans to continue leveraging its accumulated field experience and know-how, integrating technologies such as AI and big data to create an optimized and intelligent production environment.
