U.S. President Donald Trump mentioned the Alaska liquefied natural gas (LNG) project during a summit with President Lee Jae-myung, causing the stock prices of steel pipe companies, which are considered beneficiaries, to skyrocket.
HISTEEL shares were traded at 5,610 won on the KOSPI market at 9:08 a.m. on the 26th. The stock price rose by 22.49% (1,030 won) compared to the previous day. At the same time, NEXTEEL's stock price also increased by 13.15% (1,760 won), recording 15,140 won. Husteel and SeAH Steel are also showing strength.
On the 25th (local time), President Trump said at a Korea-U.S. summit held at the White House in Washington, D.C., "We are trying to promote a joint venture (JV) with Korea regarding the Alaska gas field," adding, "Japan and Korea will work together."
Earlier, Korea decided to purchase $100 billion worth of U.S. energy, including LNG, as part of trade negotiations with the United States.