Finding it hard to export HR & CR steel sheets to US amid high tariffs, POSCO has returned its export quota this year.
POSCO said that it will maintain the export quota for surface treated steel sheets, wire and electric steel sheets such as heavy plates and coated steel sheets.
However as for the company, the current duties on anti-dumping and countervailing duties are so high that hot-rolled and cold rolled steel plate exports to the US are unlikely. And that it will return them to other companies to secure exports to the United States.
POSCO’s tariff rate on the US is high at 58.68% for hot-rolled steel while cold rolled steel is being adjusted to 42.61% as a result of application of Adverse Facts Available (AFA). However, the effect has not been announced yet. As a result, it is said that it is difficult to secure profits despite the rise in local prices.
Hyundai Steel is expected to benefit from expanding export quota of hot-rolled steel plate, while exports of cold-rolled steel coils such as Dongkuk Steel Mill and Dongbu Steel are expected to expand.
For the time being, the hot rolled coil and cold rolled coil have returned quotas, but the rest will continue to export. 11.4% for steel plate, 28.28% for coated steel plate, and 6.88% for electric steel plate, which is a relatively low tariff rate.
In the case of wire rod, it is 41.1%, but it plans to continue exporting inevitably to start operation of the wire rod processing center in the US centered on tariffs and exemptions of 19mm or more in diameter.
~Inputs from Steel Daily
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