SEOUL, March 20 (Korea Bizwire) — The South Korean government has unveiled a comprehensive plan to protect its steel industry from mounting trade risks, including the recent 25% tariff imposed by the Trump administration in the United States and an influx of low-cost Chinese steel. The Ministry of Trade, Industry and Energy announced on Wednesday [...]
WASHINGTON, March 12 (Korea Bizwire) — The Trump administration’s imposition of tariffs on steel and aluminum imports widened its trade war across the globe on Wednesday, affecting South Korea and other U.S. trading partners and sending policymakers striving harder to minimize the duties’ ramifications on their industries. Sweeping 25 percent tariffs on steel and aluminum [...]
SEOUL, March 12 (Korea Bizwire) — South Korean steelmakers are facing new and tough challenges in the U.S. market as the U.S. government was set to start imposing tariffs on all steel and aluminum imports from Wednesday. U.S. President Donald Trump has announced a wide range of levies on some of his country’s trading partners [...]
POHANG, South Korea, Feb. 13 (Korea Bizwire) — The mood outside Hyundai Steel’s Pohang Plant 2 is one of unease. Employees show up for work, but operations remain largely stalled. “We come in, but there’s no production. It’s frustrating,” a worker in his 40s, employed by Hyundai IMC, a Hyundai Steel subsidiary, said on Monday. [...]
POHANG, Jan. 16 (Korea Bizwire) — The Ministry of SMEs and Startups has extended the designation of Pohang’s small business special support zones in response to economic challenges faced by the city’s steel and secondary battery industries. According to Representative Lee Sang-hwi of the People Power Party on January 15, the ministry has renewed the special [...]
SEOUL, Dec. 24 (Korea Bizwire) — South Korea’s top steelmaker POSCO Holdings Inc. said Tuesday it has been named the world’s most competitive steelmaker in a global industry report for the 15th consecutive year. In the annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave POSCO the top [...]
POHANG, South Korea, Dec. 5 (Korea Bizwire) — The industrial heart of Pohang, once buoyed by its thriving secondary battery and steel industries, is grappling with a severe economic downturn, underscoring the fragility of the region’s core sectors. The city, home to major players like EcoPro, POSCO Future M, and GS Energy Materials, has been [...]
SEOUL, May 16 (Korea Bizwire) — South Korea’s trade industry said Thursday it has agreed with the United States to launch an electronic certification system (eCERT) for the export and import processing of steel products. The agreement will connect the eCERT, operated by the U.S. Customs and Border Protection, with the Korea Iron & Steel [...]
SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s domestic demand for steel is forecast to hit the lowest level in 11 years in 2020 due to the fallout from the coronavirus outbreak, a trade body said Thursday. The Korea Iron & Steel Association said domestic steel demand is likely to reach the 48 million-ton range [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s steel exports to the United States last year, regulated by a quota, fell more than those by key rivals China and Japan that were subject to higher tariffs, analyzed data indicated Tuesday. According to the analysis by the Washington office of the Korea Trade-Investment Promotion Agency (KOTRA), [...]