Shares of South Korean steelmakers drop as Trump talks tariffs
ReutersFeb 10, 2025 12:16 AM
SEOUL, Feb 10 (Reuters) - Shares of South Korean steelmakers dropped on Monday, after U.S. President Donald Trump said he would introduce new tariffs.
POSCO Holdings 005490.KS shares fell as much as 3.6% to 230,500 won, the lowest since October 2022, while shares of Hyundai Steel 004020.KS fell as much as 2.9% to the lowest on record.
Trump said that he would announce on Monday new 25% tariffs on all steel and aluminum imports into the United States, which would come on top of existing metals duties in another major escalation of his trade policy overhaul.
Shares of South Korean automakers also weakened, with Hyundai Motor 005380.KS down 0.7% and Kia Corp 000270.KS down 2%, while the benchmark KOSPI .KS11 fell 0.5%.
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