4 days ago
South Korea to minimise affect of 50% tariff on steel products: ministry
The ministry held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel, it said in a statement.
Shares of South Korean steelmakers lost ground on Monday, with POSCO and Hyundai Steel falling 3% and SeAH Steel Corp down 6.3% in morning trade.
South Korea was the fourth-biggest exporter of steel to the US, 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 US.
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 $5.8bn (R104.05bn) 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.
