[THE INVESTOR] South Korean steelmakers’ exports to the US could take a major hit following a series of anti-dumping measures levied on them.

On Aug. 5, the US Department of Commerce decided to levy heavy anti-dumping and countervailing duties on South Korean hot-rolled steel plates. For POSCO, the anti-dumping tariff was set at 3.89 percent and the countervailing duty at 57.04 percent. For Hyundai Steel, anti-dumping tariff was set at 9.49 percent and the countervailing duty at 3.89 percent. 




Although POSCO plans to review plans for taking the issue to the World Trade Organization, and seek alternative export destinations, South Korea’s steel exports to the US will suffer significantly.

Last year, South Korean steelmakers exported 1.16 million metric tons of hot-rolled plates, worth about US$ 700 million, to the US.

In addition to the latest decision, the US DoC levied 64.7 percent and 38.2 percent anti-dumping and countervailing duties on cold-rolled plates produced by POSCO and Hyundai Steel, respectively, on July 21.

By Choi He-suk (cheesuk@heraldcorp.com)