Industry minister urges US to ease tariffs on hard-to-source steel mill equipment
Korea's industry minister urged the United States on Saturday to ease tariffs on equipment that Korean companies will need to import for a $5.8 billion steel mill in Louisiana they are investing in. Industry Minister Kim Jung-kwan made the request at a meeting with Louisiana Gov. Jeff Landry before attending a groundbreaking ceremony for Hyundai-POSCO Louisiana Steel LLC (HPLS), an electric arc…
South Korean Industry Minister Kim Jung-kwan called on the United States to reduce tariffs on essential steel mill equipment during a meeting with Governor Jeff Landry of Louisiana. This request comes ahead of the groundbreaking ceremony for Hyundai-POSCO Louisiana Steel LLC, an electric arc furnace-based integrated steel mill set to commence construction in the fourth quarter.
The project, a joint venture between Hyundai Motor Group entities Hyundai Steel Co., Hyundai Motor Co., Kia Corp., and POSCO, will invest $5.8 billion in the Louisiana facility. Under Section 232 of the Trade Expansion Act of 1962, foreign steelmakers in the U.S. are subject to tariffs, which the ministry highlights as a challenge for Korean companies investing in the U.S. market.
Kim emphasized the importance of Washington considering the obstacles faced by Korean investors and supporting the project by easing tariffs on the required equipment.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
