South Korean steel mills push for price hike in H2 on falling margins

Major Korean steelmakers, POSCO and Hyundai steel, are having to face a double whammy. Rise in raw materials costs, translating into higher production costs amid faltering demand, is weighing on profitability.Under these situations, major steel companies like POSCO and Hyundai are pushing on a price hike with automotive and shipbuilding companies in second half of 2020