South Korean Industry Minister Kim Jong-kwan said the South Korean government will seek to create new domestic demand for steel products to support its steel industry after the European Union imposes stricter measures on steel imports, according to South Korean media reports.
Mr. According to the Ministry of Trade, Industry and Resources, Kim chaired a meeting with representatives of domestic steel companies in Seoul to discuss measures to mitigate the impact of the EU's new steel safeguard regime. 18.35 million tons out of 33.82 million tons. South Korea received a country-specific quota of 2.07 million tons, representing a 19.7 percent reduction from the previous allocation.
Kim said the EU decision reflected global steel overcapacity and increased protectionist trade measures, warning that similar developments could continue in the future.
The government plans to increase demand for new steel by more than 510,000 tons
The ministry noted that steel products originally destined for the EU market could be redirected to other export markets, increasing competition in those regions. To mitigate the impact, the government plans to strengthen supply chain cooperation among steel producers, shipbuilders, defense companies and renewable energy industries to create new domestic demand for steel.
The measures, along with efforts to eliminate unfair imports of raw materials, could create demand for more than 510,000 tons of steel, Kim said, exceeding the reduction in South Korea's EU duty-free quota. The ministry added that South Korea will continue negotiations with EU authorities to maintain supply chain cooperation and mutual benefits under the bilateral free trade agreement.
