Seoul. South Korea’s steel exports to the United States fell 26 percent in July compared to a year earlier. The main reason for this is the double customs duty set by Washington.

Korean steel shipments fell to $283 million to the United States last month, according to data from the Korea International Trade Association (KITA-KITA).

This is the lowest level in nearly four years and four months since March 2021. In july, exports fell 24 per cent to 194,000 tonnes. This is the lowest since January 2023.

In June, US President Donald Trump raised tariffs on steel and aluminum imports from 25 percent to 50 percent.

In response to the tough tariffs, the country’s two leading steel producers, Posco and Hyundai Steel, announced plans to invest in steel plants in the US.

In March, Hyundai Steel announced it would build an integrated steel mill based on electric arc furnace in Louisiana at a cost of $5.8 billion by 2029.

The production will begin the same year. Next month, Posco also announced that it would join the project.