Steel stocks down following Trump's decision to slap tariffs on imports
Published : Mar 11, 2018 - 15:21
Updated : Mar 11, 2018 - 15:21
Korean steel stocks ended lower last week after the United States decided to impose a 25 percent tariff on imported steel products, as growing downside exerted pressure on steelmakers, analysts said Sunday.
On Friday, the country's leading steelmaker, POSCO, fell 3.63 percent to end at 345,000 won ($322), with Hyundai Steel Co. was down 2.48 percent at 51,100 won and Dongkuk Steel Mill Co. backtracked 1.94 percent at 10,100 won. They all underperformed the broader Kospi, which rose 1.08 percent.
Earlier that day, US President Donald Trump signed a measure authorizing the 25 percent duty on imported steel and a 10 percent duty on imported aluminum, while excluding Canada and Mexico.
Australia too may be exempted from paying extra tariffs for its steel products, as the world's No. 1 economy left open the possibility of other countries that are friendly to the United States being exempted. The stiff tariffs will take effect 15 days from March 8 (US time).
Analysts say the Trump tariffs will continue to weigh on local steelmakers as they are heavily dependent on exports to countries such as the United States.(Yonhap)
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