News Room - Trade Measure

Posted on 23 May 2022

South Korea asks EU to reconsider safeguard measures on steel products

South Korea requested the EU to reconsider the safeguard measures against South Korean steel products on Thursday since the measures could harm the bilateral trade.

Currently, the EU imposes a 25% duty on 26 kinds of South Korean steel products if exceeding the quotas since July 2018 and it will be effective until June 2024 after a three-year extension last year.

The Ministry of Trade, Industry and Energy (MOTIE) of South Korea said that it asked the EU to reconsider steel safeguard measures and lift up the quota since South Korea’s investment and production plans in Europe would be affected by difficulties in steady steel supplies in the region due to Russian’s invasion to Ukraine.

Source:Yieh