South Korea’s government has vowed to use every tool at its disposal after the European Union (EU) announced plans to slash its quota for steel imports and double the duty on shipments that exceed that limit.
During a brief emergency meeting led by Vice Trade Minister Park Jong‑won, the Ministry of Trade and Industry said the move comes after the EU’s own trade authority revealed its new rules. The EU is South Korea’s second‑largest market for steel, so the change could hit the country’s steel makers hard.
Steel producers who joined the meeting called for an immediate and strong government response. They also urged officials to boost support for the industry’s shift toward low‑carbon and high‑value products, saying that winning that battle is key to staying competitive worldwide.
Under the EU proposal, the annual quota of steel that can enter the bloc without duty would fall by 47 percent – down to 18.3 million tonnes. The duty on any additional imports would jump from the current 25 percent to 50 percent. The EU’s safeguard mechanism, which currently levies a 25 percent tax on imports that exceed quotas, expires in June 2026 and would be replaced by the new rule once EU member states approve it.
Industry Minister Kim Jung‑kwan met with heads of major ministry‑affiliated agencies on Friday to push for close cooperation in rolling out the government’s main policy priorities. He noted that the recent reorganization, effective 1 October, saw the energy departments of the ministry – and 21 other government‑affiliated agencies – transferred to a newly created Energy Ministry after 32 years. The ministry’s name was also shortened from the Ministry of Trade, Industry and Energy to the Ministry of Trade and Industry.
These changes aim to help South Korea’s steel industry adapt to the EU’s tougher rules while driving the country toward a cleaner, more value‑added future.
Source: ianslive
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