The announcement of a significant investment by the Trump administration in Alaska's liquefied natural gas (LNG) development has led to a strong performance by TCC Steel in early trading.
As of 9:48 a.m. on the Korea Exchange, TCC Steel shares were trading at 11,270 won, up 1,570 won (14.29%) from the previous day. Other steel stocks also saw gains, including HiSteel (11.53%), Nexteel (8.03%), and SeAH Steel Holdings (6.65%).
The rise in steel stocks is attributed to expectations surrounding the Alaska LNG project investment. Reuters reported that President Donald Trump may announce a $54 billion investment in the Alaska LNG development as part of a broader investment initiative from South Korea to the United States.
The Alaska LNG project involves transporting natural gas from the North Slope region of Alaska through a 1,300-kilometer pipeline to Nikiski, where it will be liquefied for export. The construction of this large pipeline is expected to increase demand for steel products, drawing attention to the potential benefits for domestic steel companies.
However, the South Korean government's participation in the LNG project has not yet been confirmed. Previously, the South Korean government reported plans to pursue the construction of a gas-fired power plant in Encinada, Texas, as the first project of a $200 billion strategic investment in the U.S. The Alaska LNG development remains a topic for future discussions.
* This article has been translated by AI.
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