Steel stocks surge as Biden calls for tripled tariffs on Chinese imports

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Steel stocks surge as Biden calls for tripled tariffs on Chinese imports

Published: 18 Apr. 2024, 10:42

SARAH CHEA
[email protected]

U.S. President Joe Biden calls for tripling tariffs on Chinese steel imports while speaking at the United Steel Workers Headquarters in Pittsburgh, Pennsylvania, on April 17. [EPA/YONHAP]

Shares of steelmaking companies surged Thursday morning as U.S. President Joe Biden urged for a triple tariff on Chinese steel and aluminum.

Histeel, a steel pipe manufacturer, traded at 3,775 won as of 10:30 a.m. after hitting the daily gain ceiling of 30 percent within only 30 minutes of the market opening.

Posco Steeleon, a steel-making subsidiary of Posco, traded at 49,250 won, up 21 percent compared to the previous trading day. Posco Holdings traded up 5.12 percent at 390,000 won.

Hyundai Steel traded at 32,200 won, up 5.1 percent.

Kosdaq-listed Daedong Steel traded at 4,470 won, up 23 percent, while KG Steel traded up 7 percent at 7,120 won.

President Biden on Wednesday called on U.S. Trade Representative Katherine Tai to “consider tripling” the existing 7.5 percent tariff rate on Chinese steel and aluminum, citing "fair competition with China," in his economic competition pitch to Pittsburgh, the heart of the American steel industry.

"China's steel companies don't need to worry about making a profit," Biden said during his visit to the headquarters of the United Steelworkers union. "They're not competing, they're cheating, and we've seen the damage here in America."

BY SARAH CHEA [[email protected]]