South Korean producers of oil country tubular goods
(OCTG) likely will reduce the amount of material shipped to the
United States due to recent trade action, according to Posco
Ltd.s top executive.
"A reduction is
expected," Joon-Yang Chung, chief executive officer of the
Pohang, South Korea-based steelmaker, told AMM on the
sidelines of the World Steel Association (WorldSteel) annual
conference in São Paulo. "Of course, there are many
countries and many steelmakers, so its not an overall
U.S. producers filed a
long-anticipated trade complaint against OCTG imports from
South Korea and eight other countries (
amm.com, July 2). Posco doesnt produce its
own pipe, but sells substrate to pipe producers that may be
affected by the case.
Chung noted that the
company is going to participate in the process while also
reducing shipments. "We dont want to fight," he said. "On
one hand, were going to participate in the legal process.
On the other hand, were going to review everything."
There is a lot of
"trade tension" between Asian steelmakers and U.S. players, he
South Korean shipments
of OCTG are a particular point of discussion for U.S. players,
with the nation having shipped some 78,081 tonnes of the
product in August, according to preliminary data from the U.S.
Commerce Departments Import Administration (
amm.com, Sept. 26), up 43.2 percent from July and
the highest level since January.