The recent announcement by President Donald Trump imposing a 25% tariff on steel and aluminum imports, including those from South Korea, has sparked a sense of urgency among South Korean steel exporters. Previously exempt from such tariffs, these companies are now racing against time to expedite their shipments to the U.S. before the tariffs are officially enacted. South Korean firms are adjusting their schedules to ensure that export volumes reach the U.S. By March 12, numerous companies are leveraging every available resource, including securing additional shipping space, to maximize product deliveries. An industry insider revealed that the efforts have intensified since the tariff announcement.
At the Pyeongtaek Port in Gyeonggi Province, steel products are stacked high as companies prioritize U.S.-bound shipments, often postponing other orders. Annually, South Korea exports approximately 2.63 million tons of steel to the U.S., with steel pipes making up the largest portion at 1.09 million tons. Other significant exports include hot-rolled steel sheets, hefty plates, and color-coated steel sheets. Major producers such as SeAH Steel and Husteel focus on steel pipes, while firms like POSCO and Hyundai Steel concentrate on hot-rolled and heavy plates.
Logistical challenges add further pressure to these companies, as shipments to the U.S. West Coast typically require around two weeks. With just two days remaining before the tariffs take effect, the industry remains hopeful for potential government trade negotiations, yet no significant developments have emerged. While SeAH Steel plans to ramp up local production at its U.S. plant to mitigate the impact, other companies lacking local facilities are struggling to adapt. As U.S. steel prices rise in response to the tariffs, industry insiders remain vigilant, knowing that maximizing export volumes is currently their most effective strategy.