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…
Korea's industry minister requested the United States to reduce tariffs on essential equipment for a $5.8 billion steel mill in Louisiana, during a meeting with Governor Jeff Landry. The request came ahead of a groundbreaking for the Hyundai-POSCO Louisiana Steel LLC, an electric arc furnace-based integrated steel mill set to commence construction in the fourth quarter.
The joint venture is a collaboration between Hyundai Motor Group affiliates Hyundai Steel Co., Hyundai Motor Co., and Kia Corp., alongside steelmaker POSCO. Foreign steelmakers in the U.S. currently face tariffs under Section 232 of the Trade Expansion Act of 1962, which permits the U.S. president to modify imports deemed as threats to national security, or other trade remedy measures.
The minister appealed to Washington to closely monitor the challenges Korean companies face in investing in the U.S. and demonstrate support for the project by easing tariffs on necessary 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.
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