India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
South Korea has announced a 400 billion ($290 million) export guarantee program to support steelmakers impacted by steep US tariffs. Industry Minister Kim Jung-kwan unveiled the scheme during a meeting with executives of major steel companies, including POSCO, in Pohang.
The initiative aims to strengthen steel industry supply chains by providing financial guarantees through collaboration between the government, financial institutions, and policy lenders. The program is expected to deliver an economic effect equivalent to the full ₩400 billion in support.
The move comes after the US administration doubled tariffs on steel and aluminium imports to 50%, sharply reducing South Korean steel exports by more than 25% year-on-year in July. The Bank of Korea estimates that US trade policies could cut the country’s economic growth rate by 0.45 percentage points this year.
Minister Kim also pledged continued talks with Washington for tariff relief while promising follow-up measures to protect the steel sector and block unfair imports. Seoul recently negotiated a revised deal that lowered tariffs on South Korean steel to 15%, in exchange for an investment pledge of $350 billion in the US.
Guinea is considering implementing a carbon tax on its mines as it aims to secure $4 Bn in loans. Th...
Oil & Gas 16-Feb-2024
Aichi Steel increases stake in India's VSSL.Action to increase presence in autom...
Business 04-Jun-2025
China shares its goal to set up an initial carbon footprint management system by 2027 and to release...
China 05-Jun-2024
India will boost iron ore enrichment for the requirements of the steel industry and its shift to env...
Ferrous 11-Jun-2024
✔️ Potential US tariffs threaten Indian steel and aluminum exports.✔️ Exporters may seek alternative...
Business 26-Mar-2025
Mass VRS at RINL: 1,000+ Employees Exit In a major workforce shift, over 1,000 employees of Rashtri...
Construction 02-Aug-2025