March 13, 2025 01:50 GMT
POSCO (POHANG, Baa1/A-/NR) S.Korea to respond to U.S. tariffs
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POSCO Holdings (POHANG, Baa1/A-/NR)
*"S.KOREA TO PREPARE MEASURES ON US STEEL TARIFFS IN MARCH" - BBG
- The Posco 1/33 $ bond is around +15bp wider since U.S. tariffs were announced, though when compared to LG Chem $ 7/34s (see chart) it doesn't look to have underperformed the market. Posco equity (+38%) has risen sharply over the same period.
In the most recent 20-F from Posco (end 2023), we can see that exports to North America accounted for only 3.5% of total revenues. If we focus on exports, exports accounted for around 60% of total revenues, of those export revenues around 8% related to North America.

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