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POSCO CEO says steel 'protectionism' by U.S., others to hurt exports
28/06/2016 12:00
Chief executive of POSCO, South Korea's top steelmaker, said "protectionism" by the United States and other countries could have an adverse impact on the company's exports, media reports showed on Friday.
The comments came after the United States slapped a series of anti-dumping duties on major steel-producing countries like China and South Korea. China's Commerce Ministry said on Thursday it was deeply concerned about protectionism in the U.S. steel sector and urged the United States to strictly abide by World Trade Organization rule.
"The emerging new trend is that some advanced countries are leaning towards protectionism, as the global economy is deteriorating," POSCO CEO Kwon Oh-joon was quoted as saying in a recent letter to employees, the reports showed.
"Should trade regulations spread to POSCO's major markets such as Southeast Asia, our exports will suffer a major setback," he said in the letter.
A POSCO spokesman declined to comment.
He also said steel imports into South Korea as a result of a global steel glut poses another threat to POSCO. South Korea is the top market for Chinese steel, with exports reaching 12.98 million tonnes in 2014 and 13.5 million tonnes in 2015, based on data compiled by UK consultancy MEPS.
The comments came after the United States slapped a series of anti-dumping duties on major steel-producing countries like China and South Korea. China's Commerce Ministry said on Thursday it was deeply concerned about protectionism in the U.S. steel sector and urged the United States to strictly abide by World Trade Organization rule.
"The emerging new trend is that some advanced countries are leaning towards protectionism, as the global economy is deteriorating," POSCO CEO Kwon Oh-joon was quoted as saying in a recent letter to employees, the reports showed.
"Should trade regulations spread to POSCO's major markets such as Southeast Asia, our exports will suffer a major setback," he said in the letter.
A POSCO spokesman declined to comment.
He also said steel imports into South Korea as a result of a global steel glut poses another threat to POSCO. South Korea is the top market for Chinese steel, with exports reaching 12.98 million tonnes in 2014 and 13.5 million tonnes in 2015, based on data compiled by UK consultancy MEPS.
Source: Reuters
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