Shares of Kistron Co., a South Korean manufacturer of bimetal wires for copper and steel, soared 165 percent on the first day of trading on Monday.

The stock was trading at 9,540 won ($6.9) as of 10:35 a.m., up 165 percent from the initial public offering (IPO) price of 3,600 won. It briefly hit 10,800 won at the opening.

Founded in 1992, Kistron is an affiliate of Kiswire Group. It also operates in solar power generation and leasing businesses.

The company reported 69 billion won in revenue and 5.9 billion won in operating profit last year.

Steel stocks, in the meantime, fell sharply Monday morning after U.S. President Donald Trump announced plans to double tariffs on foreign steel imports from 25 percent to 50 percent, starting June 4.

SeAH Steel was down 8.52 percent at 154,600 won as of 10:36 a.m. Other major steelmakers also fell: SeAH Besteel Holdings dropped 2.35 percent to 22,850 won, Hyundai Steel fell 3.72 percent to 27,150 won, POSCO Holdings declined 2.8 percent to 243,000 won, KG Steel dropped 5.21 percent to 6,000 won, and Dongkuk Steel fell 4.37 percent to 8,750 won.

Separately, battery foil maker Solus Advanced Materials surged nearly 17 percent after signing a supply contract with China’s CATL.

As of 10:38 a.m., shares were up 16.9 percent at 10,030 won.

Solus said it will supply battery foil produced at its Hungary plant to CATL’s European battery factories starting next year.

The companies also plan to collaborate on developing new products. Solus is the first Korean battery foil supplier to establish a partnership with CATL in Europe.

Shares of Kistron finished at 9,660 won, up 168.33 percent from the IPO price. SeAH Steel closed 10.12 percent lower at 151,900 won while SeAH Besteel Holdings finished at 22,700 won, Hyundai Steel 27,450 won, POSCO Holdings 244,000 won, KG Steel 5,940 won, and Dongkuk Steel 8,810 won.

Solus Advanced Materials ended the session at 9,720 won, up 13.29 percent from the previous session.

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