Shares of South Korean steelmakers drop ahead of US tariffs
ReutersMar 10, 2025 12:50 AM
SEOUL, March 10 (Reuters) - Shares of South Korean steel manufacturers dropped on Monday, snapping a three-day rally, ahead of the anticipated imposition of U.S. President Donald Trump's 25% tariffs on imports of steel and aluminum later this week.
Steelmaker POSCO Holdings 005490.KS fell as much as 4.1%, and Hyundai Steel 004020.KS lost 8.5%. They were set to post their biggest daily losses since February 10, 2025 and August 5, 2024, respectively.
U.S. tariffs on imports of steel and aluminum will take effect as scheduled on Wednesday, Commerce Secretary Howard Lutnick said in an interview on Sunday.
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