Trump’s mention of “launching Alaska natural gas project” sends steel pipe stocks surging
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Summary
- U.S. President Donald Trump was reported to have said in a briefing that he had launched the Alaska gas-field development project and the Alaska pipeline project.
- On the news, shares of Daedong Steel and Nexteel surged 29.98% and 24.52%, respectively, with buying flowing into steel pipe-related stocks.
- Sinsteel, Hysteels, KBI Dongyang Steel Pipe, Hwaseong Valve, and HuSteel, among other steel-related theme stocks, were also reported to be broadly higher.
Shares of companies tied to steel pipes used in oil and gas field development are surging. The move follows remarks by U.S. President Donald Trump, who said in a briefing marking the first anniversary of his return to the White House that he had launched an Alaska gas-field development project.
As of 9:18 a.m. on the 21st, Daedong Steel was trading at 3,685 won, up 850 won (29.98%) from the previous day, while Nexteel was up 2,550 won (24.52%) to 12,950 won.
Daedong Steel is a steel distributor that distributes POSCO’s hot-rolled products.
Nexteel, which produces steel pipes for pipelines, piping, and structural uses, exports globally API-certified tubular goods for oil wells and pipelines.
Elsewhere, steel-related theme stocks are also broadly higher, including Sinsteel (17.65%), Hysteels (17.31%), KBI Dongyang Steel Pipe (11.76%), Hwaseong Valve (11.69%), and HuSteel (7.47%).
Investor attention turned to the related names after reports circulated that Trump said in the anniversary briefing, “We have launched the Alaska pipeline project to export natural gas to Asia.” He also said, “We concluded (trade) deals with South Korea and Japan and secured funds at an unprecedented level.”
The Alaska natural gas field development project is said to be one that Trump has taken a particular interest in. It involves building a roughly 1,300 km-long gas pipeline to transport natural gas extracted from Alaska’s North Slope to the port town of Nikiski.
Han Kyung-woo, Hankyung.com reporter case@hankyung.com
