Speaking at a press briefing, Kim said that South Korea's steel quota currently stands at about 2.58 million tons and that there is a consensus with the EU that the volume will not be reduced by as much as 46 percent. He added that Seoul had not made any specific proposal to the EU, while stressing that the planned measure could violate the existing free trade agreement and that South Korea could consider retaliatory measures if necessary.
The EU is preparing to drastically reduce duty-free quotas on 30 types of steel products and raise duties on imports exceeding quotas to 50 percent as part of its efforts to address global steel overcapacity. These measures are expected to take effect on July 1. According to the new system, the duty-free quota for steel imports to South Korea will reportedly decrease by 46 percent, to 18.3 million tons from the current 33.8 million tons
Kim also noted that the South Korean government will introduce measures to support domestic steel producers as soon as the final quota level is confirmed.
