Trump's Alaska LNG Investment Lifts South Korean Steel Stocks

South Korean steel pipe and steel stocks surged on September 30th as reports emerged that US President Donald Trump could announce plans to invest in Korea's Alaska LNG development project. The investment, reportedly worth $54 billion, is part of a larger deal that includes $200 billion in strategic investments in the United States.

The Alaska LNG project involves transporting natural gas from Alaska's northern North Slope to Nikiski in the south via a 1,300-kilometer pipeline, then liquefying it for export. If the project moves forward, there will be increased demand for steel pipes and products for long-distance pipeline construction.

TCC Steel was trading at 12,330 won, up 9.70% from the previous session, while KBI Dong Yang Steel Pipe rose 24.98%, HISTEEL gained 10.77%, and SeAH Steel Holdings increased by 6.29%. NEXTEEL, SeAH Steel, and Husteel also posted gains in the 6% range.

The Korean government had previously announced plans to push ahead with construction of the Encinal gas combined-cycle power plant in Texas as part of its $200 billion strategic investment in the United States. The Alaska LNG development project was classified as a subject for further discussion.