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South Korea’s Steel Exports to U.S. Drop Nearly 19% in March 2025 Amid U.S. Tariffs
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2025-05-21
The Korea International Trade Association (KITA) released data showing that South Korea's steel exports to the United States in March 2025 were USD 340 million, representing an 18.9% year-on-year decline. The export volume also decreased by about 14.9%. This drop was mainly due to the U.S. government's imposition of a 25% tariff on all imported steel starting March 12, which also abolished the duty-free quotas previously granted to South Korea and other countries.
Industry insiders noted that since most transactions are completed several months in advance, it is still difficult to fully assess the tariff's impact, but initial effects have already begun to appear. In response to the tariffs, South Korean steel companies plan to increase their production within the United States. Hyundai Steel announced a USD 5.8 billion investment to build its first overseas electric arc furnace steel mill in Louisiana, expected to begin operations by 2029. The U.S. tariffs have raised concerns about rising costs in construction, automotive, and manufacturing sectors, potentially affecting supply chains and product prices.
韓國鋼鐵
美國市場
出口
關稅
免稅配額
現代製鐵
電弧爐鋼廠
路易斯安那州
S. Korean Steel
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export
tariff
duty-free quotas
Hyundai Steel
electric arc furnace steel mill
Louisiana
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