Overview

• President Trump said he will raise tariffs on all steel imports from 25% to 50% starting Wednesday U.S. time.
• On June 2, the Ministry of Trade, Industry and Energy met with POSCO, Hyundai Steel and other major producers to assess the tariff impact.
• South Korea’s steel export earnings fell 12.4% year-on-year in May to $2.6 billion, with U.S. shipments plunging 20.6%.
• Officials pledged to pursue trade negotiations with Washington to mitigate the effect of higher U.S. duties.
• Korean steelmakers are boosting U.S. production capacity, with Hyundai Steel investing $5.8 billion in an electric-arc furnace mill in Louisiana by 2029.