Global Steel Producers Brace for U.S. Tariffs Impact

Major South Korean steelmakers, including POSCO Holdings and Hyundai Steel, are exploring investments in the U.S. following new tariffs on steel and aluminium imports. These tariffs, reinstated by President Trump, are impacting global steel trade, prompting worldwide industry shifts and potential economic repercussions.

South Korean steel giants are reevaluating their investment strategies in light of new U.S. tariffs that took effect this week. POSCO Holdings considered expanding its operations to the U.S. or India, while Hyundai Steel pondered building a facility in Southeastern U.S., as steep tariffs reshape global trade dynamics.

President Trump's tariffs, reinstating 25% global duties on steel and aluminium imports, extend to numerous downstream products. The countries bearing the brunt include Canada, Brazil, Mexico, and South Korea, prompting these nations to weigh their economic strategies in response to the changed landscape.

European steelmakers, fearing an influx of redirected exports, have voiced concerns over potential market gluts, urging the European Union for swift protective measures. Meanwhile, firms with substantial U.S. market presence, like Australia-listed BlueScope, anticipate benefits from potential price hikes, though worries about broader economic impacts persist.

(With inputs from agencies.)