South Korean steelmakers face intensified pressure after the US doubled tariffs on steel and aluminum imports to 50% from 25%, apart from challenges from global oversupply and declining prices, Yonhap News reported Wednesday.
Posco (KRX:005490) and Hyundai Steel (KRX:004020), already struggling with weak demand, are scrambling to mitigate the impact. Hyundai Steel plans a $5.8 billion electric arc furnace-based mill in Louisiana by 2029 to secure local supply chains. Posco has joined the project, adding to its North American operations, the report said.
Shares of Posco rose more than 5% while those of Hyundai Steel increased over 2% in recent trade on Thursday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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