S.Korean steel shares rise on China's plans to cut production

Dongkuk Holdings Co

06/08/2018 03:55

** Shares of South Korea's steel companies gained on Monday
on expectation steel prices are poised to rise after a Chinese
government decision to curtail production of the metal as part
of stricter environmental regulations
    ** South Korean steel giant POSCO gained more than 4 percent
as of 0200 GMT, along with other steelmakers, including Hyundai
Steel  004020.KS  up 2.4 percent, Dongkuk Steel  001230.KS  up
4.8 percent and Seah Steel  003030.KS  up 2.6 percent
 urn:newsml:reuters.com:*:nS6N1U5005
    ** China has announced policies to cut steel output as part
of its environmental regulations to curb pollution. From Oct 1
to March 31 2019, steelmakers in Chinese cities are supposed to
halve their factory operation rates  urn:newsml:reuters.com:*:nL4N1UU1PG
    ** In line with this, China's Shandong province unveiled a
target to cut steel and coal production capacity on Friday 
 urn:newsml:reuters.com:*:nL4N1UW05L
    ** The broader KOSPI market  .KS11  is up 0.6 pct as of 0200
GMT

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