Korea’s steel exports to the United States slumped 26pct in July, following Washington’s decision to double tariffs on steel and aluminum imports to 50pct, according to the Korea International Trade Association (KITA).
Shipments fell to USD 283 mln, the lowest level in over four years, from USD 382 mln a year earlier. Export volumes also dropped 24pct YoY to 194,000 tons, the weakest since January 2023.
The tariff hike, introduced by U.S. President Donald Trump in June raising tariffs on all steel and aluminum imports to 50 percent, up from the 25 percent imposed in March, is pressuring Korean steelmakers. In response, Hyundai Steel has announced plans for a USD 5.8 bln electric arc furnace-based steel mill in Louisiana, slated to start production in 2029. Posco later joined the project.
Industry officials note, however, that with the plant not expected to come online for several years, Korean producers will continue facing tariff headwinds in the near term.
