South Korea’s steel exports to the United States plunged by 26% in July compared with the same month last year, weighed down by Washington’s tougher tariff measures, according to data from the Korea International Trade Association (KITA).
South Korean news agency Yonhap reported that in June, U.S. President Donald Trump raised tariffs on steel and aluminum imports to 50%, up from the 25% rate imposed since March.
KITA data showed that the value of South Korean steel exports to the U.S. dropped to $283 million in July from $382 million a year earlier, hitting the lowest level since March 2021 — a four-year-and-four-month low.
Export volume also declined by 24% year-on-year to 194,000 tons, marking the lowest level since January 2023.
Facing mounting tariff pressure, South Korea’s two largest steelmakers, POSCO and Hyundai Steel, have unveiled plans to invest heavily in the U.S. market.
In March, Hyundai Steel announced plans to build an integrated steel plant using an electric arc furnace in Louisiana at a cost of $5.8 billion, with production set to begin in 2029. In April, POSCO announced its participation in the project.
Industry experts note that the project’s timeline means Korean steelmakers will continue to face tariff pressures for several more years.