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ronmcdon · 09-14-2009, 12:41 PM

Hankook is Korean owned, but has manufacturing facilities in China.
I think it's safe to say everyone is effected at this point, NOT just Chinese owned tire manufacturers.

You guys need to read more instead of just making wise-cracks.

Hankook Falls as U.S. Imposes Tariff on China Tires (Update1) - Bloomberg.com

Hankook Falls as U.S. Imposes Tariff on China Tires (Update1)

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By Kyunghee Park

Sept. 14 (Bloomberg) -- Hankook Tire Co., the largest overseas tiremaker in China, fell the most in almost eight months in Seoul trading after the U.S. slapped a 35 percent tariff on Chinese-made tires.

The company dropped 8.8 percent in Seoul trading, the biggest decline since Jan. 20, to close at 20,200 won. Aeolus Tyre Co., the largest Chinese-listed tiremaker by market capitalization, fell 3.3 percent in Shanghai.

Seoul-based Hankook, which exports about 12 percent of its Chinese output, will switch to shipping tires from South Korean plants, it said in an e-mailed statement today. President Barack Obama imposed the levy after the United Steelworkers complained that Chinese imports were pushing U.S. workers out of jobs.

“There is concern that Hankook Tire could be affected by the U.S. decision,” said Kevin Lee, an analyst at Shinhan Investment Corp. in Seoul. He has a “buy” recommendation on the stock.

China “strongly opposes” the tariffs, according to a statement of the Ministry of Commerce Web site. The U.S. violated rules of the WTO and the tariff imposition is a breach of the commitments made by the U.S. the Group of 20 summits, the ministry said.

Hankook, which has two out of its five plants worldwide in China, had taken steps in anticipation of a tariff, it said. The company has about a quarter of the Chinese passenger-car tire market, according to its Web site.

To contact the reporter on this story: Kyunghee Park in Hong Kong at [email protected]

09-14-2009, 12:41 PM	#30
ronmcdon Post Whore! Join Date: Sep 2005 Location: beverly hills Age: 86 Posts: 4,254 Trader Rating: (6)	Hankook is Korean owned, but has manufacturing facilities in China. I think it's safe to say everyone is effected at this point, NOT just Chinese owned tire manufacturers. You guys need to read more instead of just making wise-cracks. Hankook Falls as U.S. Imposes Tariff on China Tires (Update1) - Bloomberg.com Hankook Falls as U.S. Imposes Tariff on China Tires (Update1) Share \| Email \| Print \| A A A By Kyunghee Park Sept. 14 (Bloomberg) -- Hankook Tire Co., the largest overseas tiremaker in China, fell the most in almost eight months in Seoul trading after the U.S. slapped a 35 percent tariff on Chinese-made tires. The company dropped 8.8 percent in Seoul trading, the biggest decline since Jan. 20, to close at 20,200 won. Aeolus Tyre Co., the largest Chinese-listed tiremaker by market capitalization, fell 3.3 percent in Shanghai. Seoul-based Hankook, which exports about 12 percent of its Chinese output, will switch to shipping tires from South Korean plants, it said in an e-mailed statement today. President Barack Obama imposed the levy after the United Steelworkers complained that Chinese imports were pushing U.S. workers out of jobs. “There is concern that Hankook Tire could be affected by the U.S. decision,” said Kevin Lee, an analyst at Shinhan Investment Corp. in Seoul. He has a “buy” recommendation on the stock. China “strongly opposes” the tariffs, according to a statement of the Ministry of Commerce Web site. The U.S. violated rules of the WTO and the tariff imposition is a breach of the commitments made by the U.S. the Group of 20 summits, the ministry said. Hankook, which has two out of its five plants worldwide in China, had taken steps in anticipation of a tariff, it said. The company has about a quarter of the Chinese passenger-car tire market, according to its Web site. To contact the reporter on this story: Kyunghee Park in Hong Kong at [email protected]