[Yonhap News Photo]
South Korea's SeAH Steel Corp. announced a deal Wednesday to acquire US steel pipe manufacturing and finishing facilities for oil and gas production in what was seen as a preemptive move to bypass US anti-dumping tariffs.
There have been concerns about strengthened protectionism under the administration of next president Donald Trump to restrict imports of foreign steel products.
SeAH, the country's largest steel pipe manufacturer, said it would acquire an oil country tubular goods (OCTG) finishing plant in Texas from Laguna Tubular Products Corp. and another OCTG plant, also in Texas, from United Metallurgical Co.
SeAh did not disclose terms of the deal, but Yonhap News Agency reported that it paid around $100 million. The acquisition came after SeAH absorbed its US subsidiary, SeAH Steel Investment America to build a sales and production base in the United States.
OCTGs are steel pipes used in offshore and onshore gas and oil drilling. US steel firms have accused South Koran firms of dumping.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
