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The Korea International Trade Association (KITA) reported on Sunday that South Korea's steel exports to the US plummeted 26% year-on-year in July due to increased US tariffs.
In June, RAIN RI/F550 steel US President Trump announced an increase in import tariffs on all steel and aluminum products to 50%, up from 25% in March.
According to the latest data from the Korea International Trade Association, South Korea's steel exports to the US fell to $283 million in July from $382 million in the same period last year.
This is the lowest figure in four years and four months since March 2021.
According to the Korea International Trade Association, South Korea's steel exports to the US in July totaled 194,000 tons, a 24% year-on-year decrease and the lowest level since January 2023.
Faced with high tariff pressure, RAIN RI/F550 steel two major South Korean steelmakers, POSCO and Hyundai Steel, have announced plans to invest in and build plants in the US.
In March of this year, Hyundai Steel announced it would invest $5.8 billion in a full-process electric arc furnace (EAF) steel mill in Louisiana, scheduled for completion and commissioning in 2029. RAIN RI/F550 steel The following month, Posco also announced its participation in the project.
Industry insiders noted that given the project's long construction period, Korean steelmakers will continue to face pressure from tariffs in the coming years.
