South Korean Steel Stocks Decline as Trump Announces Tariff Plans

Tags: South Korean economy, steel industry, trade policy, U.S. tariffs, stock market

Steel Stocks Hit by Tariff Concerns

Shares of South Korean steelmakers fell on Monday following U.S. President Donald Trump’s announcement of new tariffs on steel and aluminum imports.

POSCO Holdings saw its stock price drop by as much as 3.6% to 230,500 won, reaching its lowest point since October 2022. Hyundai Steel also experienced a decline of 2.9%, marking a record low for the company’s shares.

New 25% Tariff on Steel and Aluminum

Trump stated that he would impose a new 25% tariff on all steel and aluminum imports into the U.S., adding to existing duties. This move signals another escalation in his administration’s trade policies, raising concerns among global steel producers, including South Korean firms.

Broader Market Impact

The tariff announcement also affected South Korea’s automotive sector. Hyundai Motor shares dipped by 0.7%, while Kia Corp saw a 2% decline. The broader KOSPI index fell by 0.5%, reflecting investor concerns over potential economic repercussions.