South Korea's leading steelmaker to invest in US amid tariffs

ISTANBUL

South Korea’s top steelmaker, POSCO Group, said Monday it will invest in Hyundai Steel’s US project amid tensions triggered by US tariffs, Yonhap News reported.

POSCO signed a memorandum of understanding with Hyundai Motor Group to participate in Hyundai Steel's US plant and enhance cooperation in the steel and rechargeable battery sectors, the company said in a press release.

"Through the partnership, POSCO will be able to find solutions for sustainable growth across its businesses, ranging from steel to rechargeable batteries by leveraging business synergies amid global trade pressures and a shifting paradigm," POSCO Holdings President Lee Ju-tae said.

The decision comes after US President Donald Trump announced plans to impose “reciprocal” tariffs on several trade partners, including a 25% tariff on South Korean goods. Later, he introduced a 90-day pause on the measures to allow time for negotiations.

In March, the US already imposed 25% tariffs on all steel and aluminum imports.

The South Korean government will hold tariff negotiations with the US in Washington this week, according to Yonhap.

Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun will lead the South Korean delegation, while US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will represent the American side.

South Korea’s acting President Han Duck-soo said he “will not fight back” against the US, daily Hankyoreh reported Monday.