Yeo Han-koo, Minister for Trade of the Ministry of Trade, Industry and Energy, met with Maros Sefcovic, Commissioner for Trade and Economic Security, at the European Commission headquarters in Brussels, Belgium on May 11, and conveyed the concerns of the Korean industry regarding the EU’s steel import restrictive measures.

This meeting took place amidst the EU’s move to implement the “Act on Responding to Steel Oversupply,” which includes tariff increases and the introduction of import quotas (TRQ) for 30 steel items, starting this coming July. Minister Yeo requested a prudent approach and cooperation from the EU side to ensure that Korean steel products are not subject to unreasonable restrictions under the new regulations.

He particularly emphasized that the EU is Korea’s second-largest export market for steel, and expressed strong concerns that this measure could have a direct impact not only on the steel industry but also on the supply chains and production stability of Korean-invested companies producing finished goods such as automobiles and home appliances locally.

In response, the EU side acknowledged that the steel industry is a strategically important industry for both Korea and the EU, and stated that they should continue to seek mutually beneficial solutions through future high-level and working-level consultations.
Source: Business Korea