[Featured Stock] From EU steel tariffs to union wage negotiations... Steel stocks close weak in a rising market (Comprehensive)

[Featured Stock] From EU steel tariffs to union wage negotiations... Steel stocks close weak in a rising market (Comprehensive)

On the 1st, the stock prices of steel-related companies closed lower due to factors such as the European Union's (EU) push to raise steel tariffs.

On this day, POSCO Holdings [005490] closed at 413,000 won, down 2.48% in the stock market.

The stock started down 1.30%, then turned upward in early trading to reach 426,000 won. However, it fluctuated thereafter, turned downward, and continued to weaken until the market close.

This is in contrast to the KOSPI, which closed up more than 3.6% on the same day.

Hyundai Steel [004020] closed at 39,100 won, down 2.62%. It started down 2.24% and at one point in early trading fell as much as 5.35% to 38,000 won.

The steel sector closed down 2.55% on this day.

On the 19th of last month, local time, the European Parliament finally approved a plan to significantly raise tariffs on steel products from 25% to 50% and halve the duty-free import quota.

Domestic steel companies are already bearing the 50% tariff imposed on imported steel by the administration of US President Donald Trump.

In addition, POSCO and Hyundai Steel are facing the challenge of labor-management negotiations. Investors appear to be opting to sell in this period of increasing uncertainty.

According to the industry, the POSCO union sent a negotiation proposal to the company last month, including a 7.1% increase in basic wages, and labor and management are expected to begin full-scale negotiations as early as the beginning of this month.

The Hyundai Steel union is reportedly demanding a 150% increase in performance bonuses compared to last year. Labor and management held their fourth round of negotiations last month, and the next negotiation will be held on the 2nd.