In May, both the volume and unit price of South Korea’s steel exports to the U.S. saw a significant decline. Industry insiders generally believe that the negative effects of the U.S.’s additional steel tariffs have begun to manifest themselves in full force. According to data released yesterday (the 23rd) by the Korea International Trade Association, South Korea’s total steel exports to the U.S. in May amounted to 327 million U.S. dollars, a decrease of 16.3% compared to the same period last year. Meanwhile, South Korea’s domestic steel market is also facing serious difficulties. A recent report from POSCO Research Institute indicates that South Korea’s domestic steel demand this year is expected to fall to 46.1 million tons, reaching its lowest level since 2009. Analysts attribute the sharp drop in domestic demand primarily to the contraction in the construction and automotive industries—sectors with the highest share of steel material consumption. Recently, due to the severe stagnation in steel demand, Hyundai Steel’s Pohang No. 2 plant has been completely shut down starting from the beginning of this month.