Trump's $200 Billion Investment Plan Sparks Steel Stock Rally
Steel-related stocks in South Korea are experiencing a surge in value following reports that US President Donald Trump is set to unveil a $200 billion investment plan for the country.
The announcement, which is scheduled to be made at the White House on an unspecified date, reportedly includes a $54 billion investment in the Alaska liquefied natural gas (LNG) development project.
As a result, steel-related stocks are trading higher across both the Korean Stock Exchange and KOSDAQ. HiSteel has seen its price increase by 10.62% to 3,645 won, while TCC Steel is up 10.59%, Seah Steel has risen 6.57%, Nextil 6.52%, and Hue Steel 6.38%.
On the KOSDAQ, Dongil Steel Lux has jumped to the price limit with a gain of 29.99%, while Geumgang Steel is up 16.49% and Shin Steel 9.50%. The expectation of investment in the Alaska LNG business is driving investor sentiment across both steel and steel sectors.