South Korea pops after steel deal

amsterdam - South Korean steelmakers are shooting up on the stock market Monday after claims of a deal with the US.

The share of Dongbu Steel won 22%, Posco and Dongkuk increased 4% and 5% respectively, while most stock markets went down.

South Korea and the US extended a six-year agreement, while Washington levies penalties against mainly China and India because of their cheap steel and aluminum to North America.

The South Korean Minister of Commerce Kim Hyun-chong reported Monday that the agreement will soon be signed.

The deal is important as the next exception for the generic levies on all imported steel and aluminum to the US. That is the largest importer of steel after China.

The American automotive industry works with an excessive amount of South Korean steel and aluminum.