S. Korea’s Steel Exports to US Fall 26% in July

South Korea's steel exports to the United States tumbled 26 percent in July from a year earlier, hit by Washington's doubled tariffs.

Korean steel shipments to the US fell to $283 million last month from $382 million a year earlier, South Korea's (Yonhap) news agency reported, citing data from the Korea International Trade Association (KITA).

The value marked the lowest level in four years and four months, since March 2021.

By volume, July exports dropped 24 percent on-year to 194,000 tons, the lowest since January 2023, KITA said.

In June, US President Donald Trump raised tariffs on all steel and aluminum imports to 50 percent, up from the 25 percent imposed in March.

In response to the steep tariffs, POSCO and Hyundai Steel Co., the country's two largest steelmakers, have unveiled plans to invest in a steel plant in the US.

In March, Hyundai Steel announced it would build a $5.8 billion electric arc furnace-based integrated steel mill in Louisiana by 2029, with production slated to begin the same year. The following month, POSCO said it would join the project.