Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Govt to double steel safeguard duty to 24%.
Seeks to contain cheap imports and help local mills.
Industry looks for better price stability and margins.
In reply to the announcement of a 50% tariff on imported steel by former US President Donald Trump effective from June 4, South Korea said it will actively pursue minimizing harm to the country's domestic steel industry. The country's trade ministry confirmed negotiations with US trade officials to arrange for exemptions or tariff relief on some Korean steel products.
South Korea, one of the largest steel exporters to the US, is concerned about severe disruption due to the tariff increase. Large Korean steel producers such as POSCO and Hyundai Steel are already evaluating the financial costs and planning to reroute shipments to other markets in Southeast Asia and the Middle East to make up for potential losses in the US.
In addition, Seoul is mulling implementing temporary financial aid and logistical support to hit steel exporters. Market insiders say Seoul will also take the case to multilateral trade platforms like the WTO in order to file a complaint about the tariff hike.
This tariff action by Trump is part of his overall protectionist agenda for shielding the US steel sector from what he called "unfair and substandard imports."
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