South Korean Steelmakers Eye New Horizons Amid U.S. Tariff Turmoil

Two major South Korean steelmakers are exploring investment in new facilities due to increased U.S. tariffs on steel and aluminium imports. The tariffs, reinstated by U.S. President Donald Trump, impact several countries, including South Korea. Companies are considering U.S. investments and strategizing to enhance technological capabilities.

In response to newly heightened U.S. tariffs on steel and aluminium imports, two leading South Korean steelmakers are weighing their investments in fresh facilities. Affected by President Donald Trump's protective measures reinstating global tariffs of 25% on these metals, companies are exploring opportunities in U.S. operations.

Notably impacted countries include Canada, Brazil, Mexico, and South Korea, the latter of which previously benefited from a duty-free quota. POSCO Holdings and Hyundai Steel are assessing potential investments in U.S. and Indian markets, although no definitive decisions have been finalized.

Amid these developments, firms with less exposure to the U.S. market anticipate improved steel prices due to heightened tariffs. Meanwhile, Australian and Vietnamese steelmakers express cautious optimism, despite Australia not receiving exemptions. Diplomatic efforts are underway as global players adapt to these trade shifts.

(With inputs from agencies.)