South Korea’s steel exports to the United States plunged 16 percent last
month from a year ago on rising import restrictions in the country under
President Donald Trump and his trade protectionism policy, data showed on
According to Korea Iron & Steel Association on Sunday, Korea exported
292,433 tons of steel to the U.S. in August, down 16 percent or 55,691 tons from
348,124 tons in the same month last year.
Korea shipped 2.518 million tons of steel to the U.S. from January to
August this year, which is 100,000 tons less than 2.619 million tons in the same
period last year, according to the association. The fall in exports is expected
to steepen in the coming months due to seasonal factors.
The association predicted Korean steel exports for this year would likely
fall short of 3 million tons, which would be the lowest since 2011 volume of
2.92 million tons, as industry leader Posco and others practically have given up
shipping to the U.S. under current punitive duty levels.
The share of U.S.-bound exports against total shipment fell to 11.7
percent, compared with 12 percent last year and the peak of 17.7 percent in
The downfall in Korea’s steep shipments to the U.S. comes after the country
imposed heavy tariffs to protect domestic producers. In July, last year, the
U.S. government imposed 64.68 percent duties on Posco’s cold-rolled steel,
including 6.32 percent anti-dumping duties and 58.36 percent anti-subsidy
duties. Hyundai Steel Co. was also imposed with 38.24 percent duties. In the
following month, the U.S. government slapped 60.93 percent duties on hot-rolled
steel sheets produced by Posco.
Amid rising industry concerns over a series of duties imposed by the U.S.,
Posco Chairman Kwon Oh-joon told Korean President Moon Jae-in at a meeting in
July at the Blue House that it has practically given up on U.S. exports for the
time being and that it is devising various mid- to long-term measures. The U.S.
accounts for about 1 percent of Posco’s total steel exports, limiting overall
damage from duties slapped by the U.S. government