Seoul, March 7
South Korean steel companies said on Friday they will closely cooperate with the government and related agencies to minimise the impact of planned U.S. tariffs on all steel and aluminum imports from next week.
U.S. President Donald Trump has announced a series of levies on some of his country's trading partners, including Canada and Mexico, since taking office in January, reports news agency.
Among them are 25 per cent tariffs on steel and aluminum imports from March 12 (US time). In late February, South Korean officials requested an exemption from the tariffs on steel and aluminum during their visit to Washington, but to no apparent avail.
Seoul's responses to the Trump government's latest tariff plans have been affected by a political turmoil sparked by President Yoon Suk Yeol's short-lived martial law imposition in December.
POSCO and Hyundai Steel Co., the country's two biggest steelmakers, said they are planning to consult with the government, the Korea Iron & Steel Association (KISA) and other related agencies to cope with the upcoming tariffs.
"We are considering several options, including building a steel plant in the United States, in response to the tariffs," a POSCO spokesperson said over the phone.
He did not elaborate on the steel mill plan and other options.