U.S. President Donald Trump mentioned Korea and Japan again in connection with the Alaska liquefied natural gas (LNG) project, and domestic steel stocks were strong early on the 3rd.
As of 9:31 a.m., on the KOSDAQ market, SHIN STEEL(162300) was trading at 2,065 won, up 444 won (27.39%) from the previous trading day. At the same time, Keumkang Steel(053260) was also trading at 6,550 won, up 1,120 won (20.63%). TCC Steel(002710) (16.13%), Dongil steelux (14.92%), Bookook Steel (10.96%), KBI Dong Yang Steel Pipe (8.17%), HISTEEL (4.25%), Moonbae Steel (4.18%) were all rising.
The strength in steel stocks is seen as resulting from President Trump again mentioning the participation of Korea and Japan in the Alaska LNG project.
The Alaska LNG project transports natural gas produced in the North Slope region of northern Alaska to Nikiski in the south, liquefies it, and exports it to Asia and elsewhere.
To do this, construction of a gas pipeline of about 1,300 kilometers crossing Alaska north to south is needed. As large amounts of steel pipe go into a large-scale pipeline, expectations are growing that domestic companies will be selected as key steel and steel pipe suppliers.
On the 2nd (local time), at the White House, President Trump, while revealing plans to visit Alaska, said, "There is Japan and Korea," and added, "All these people are going to Alaska to load fuel and oil, build pipelines, and do everything else."