Two South Korean steelmakers said they were considering new investment options in the United States, while European steel mills warned of a flood of surplus metal as increased U.S. tariffs on steel and aluminum imports came into force on Wednesday.
Major steelmakers Posco and Hyundai Steel said the options include investment in operations in the U.S., although no final decisions had been made.
U.S. President Donald Trump's action to increase protection for U.S. steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.
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