President Donald Trump has officially announced South Korea's investment in the Alaska liquefied natural gas (LNG) development project, leading to a strong performance in domestic steel and pipe stocks early in the trading session.
According to the Korea Exchange, as of 9 a.m., Daehan Steel was trading at 10,120 won, up 2,330 won (29.91%) from the previous trading day. Dongkuk Steel was also up 1,950 won (20.63%), trading at 11,400 won at the same time.
Other major steel stocks, including Korea Steel (up 15.71%), SeAH Steel (up 9.92%), and TCC Steel (up 9.91%), also saw significant gains.
This surge is attributed to increased steel demand resulting from the large-scale gas pipeline construction in the U.S. President Trump announced on September 30 (local time) that South Korea would invest in the Alaska LNG development project.
The Alaska LNG project involves transporting natural gas produced in the North Slope of Alaska through a 1,300-kilometer pipeline to Nikiski in the south, where it will be liquefied and exported.
As the project progresses, there are expectations for expanded supply opportunities for domestic companies due to the need for large quantities of steel pipes and materials for the long-distance pipeline construction.
Secretary of Energy Rick Perry emphasized that "more than $50 billion will be invested in the Alaska LNG project."
* This article has been translated by AI.
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