South Korea plans to introduce a USD 290 mln export guarantee program to support domestic steelmakers hit by steep U.S. tariffs, according to local media.
The initiative, discussed during a meeting between Industry Minister Kim Jung-kwan and executives from major producers including Posco in Pohang, is expected to generate an economic effect of about USD 286 mln.
The government aims to work with steelmakers, financial institutions, and policy lenders to strengthen supply chains through the scheme. Additional measures are also being prepared, including efforts to ease regional economic strains, block unfair imports, and push legislation in the National Assembly to reinforce the sector.
Seoul has pledged to continue talks with Washington for tariff relief, after U.S. steel and aluminum duties, first set at 25pct and later doubled to 50pct, drove South Korea’s steel exports down more than 25pct YoY in July.
