US cuts tariffs on South Korean made hot-rolled steel - Yonhap

The U.S. Department of Commerce has decided to sharply reduce its tariffs on hot-rolled steel products from South Korean steelmakers, industry sources said Friday, according to Yonhap. 

The US government recently slashed the countervailing duty (CVD) on hot-rolled steel sheets produced by POSCO from 41.57 percent to 0.55 percent after its annual review.

Further, the CVD on hot-rolled steel from South Korea's second largest steelmaker Hyundai Steel Co. has been lowered from 3.95 percent to 0.58 percent. 

The government had orignially immposed a 58.86 percent CVD on POSCO's hot-rolled steel in 2016.