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Korean metallurgical companies require USA benefits

Korean metallurgical companies require USA benefits

Some of the world’s steel companies were able to negotiate with the United States. The introduction of us tariffs had a negative impact on the global steel companies. However, some countries failed to agree on the benefits. Thus, they are exempt from the fees. Trying to negotiate South Korea. More precisely we are talking about the American division of Korean company SeAH Steel. It is engaged in the production of pipes.

The division filed a petition with the U.S. Department of Commerce. It is asking to bring the import of the quotas. Concerns is 135 thousand tons of drill pipe and casing per year. American plant the Korean company acquired in 2016. The purchase cost of 100 million dollars. The company is able to produce a limited range of products. Because of this, it is not able to satisfy growing up American demand.

SeAH Steel was going to invest in a division an additional 25 million dollars. But now may have to change plans. American tariff significantly worsened the situation in the local market. Everything goes to the fact that may lose many income. In addition, the company Ohio Coatings Company also sent a petition. We are talking about granting the right to above quota imports of certain products. The company specializes in manufacturing tinplate. To do this, use cold-rolled substrate. Exemption from quotas required by 36 thousand tons per year.

Earlier, South Korea agreed to certain import quotas in the United States. They relate to the import of 2.68 million tons a year. However, there was one condition. U.S. steel tariffs should not apply to Korean steel companies. However, the limit for the current year is exhausted. It concerns certain types of rolled products and pipes.

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