SEOUL, April 18 (AJP) - South Korean steel exports to the United States plunged in March, affected by the implementation of the Trump administration’s first wave of global tariffs, newly released trade data show.
According to figures published Friday by the Korea International Trade Association, steel exports to the United States totaled $340 million in March, marking an 18.9 percent decline compared with the same month last year. In terms of volume, shipments fell 14.9 percent to 250,000 tons.
The sharp drop came as the Trump administration imposed sweeping tariffs on metal imports, enacting a 25 percent duty on steel and a 10 percent duty on aluminum beginning March 12.
The new measures eliminated quota-based tariff exemptions for key allies, including South Korea, effectively voiding Seoul’s annual duty-free quota of 2.63 million tons — a concession that had been in place since 2018.
Analysts said the tariffs may have contributed to the March downturn. Steel exports are typically arranged months in advance, and shipment volumes can be influenced by a variety of factors, including fluctuations in U.S. demand.
The data showed that exports of steel plates, a key material in automobile manufacturing, saw a steep decline of 32.9 percent. In contrast, exports of steel pipe products edged up 3.9 percent.
In response to the shifting trade landscape, South Korean steelmakers are ramping up efforts to localize production in the United States.
Hyundai Steel recently unveiled plans to build an electric arc furnace mill in Louisiana, a project expected to cost approximately 30 trillion won (about $22 billion) and begin commercial operations by 2029.
POSCO, another major Korean steelmaker, is reportedly considering a co-investment in the facility to share production capacity.
reporter
Candice Kim
candicekim1121@ajupress.com
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