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4h ago

South Korea Vows Response as EU Proposes Halving Steel Quotas and 50% Tariffs Above Caps

EU approval is pending as Seoul readies a late‑October policy package.

Gov't vows all-out response to EU's plan to cut steel import quotas, double duties - 1
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Overview

  • The European Commission unveiled a tariff‑rate quota plan cutting duty‑free steel imports 47% to 18.3 million tons and imposing a 50% duty on volumes above that level, coupled with melt‑and‑pour origin checks.
  • The measure is designed to replace the current safeguard that charges 25% on out‑of‑quota imports and expires in June 2026, and it still needs backing from EU member states and the European Parliament.
  • EU officials linked the move to global overcapacity and U.S. tariff hikes, winning support from EUROFER while Chinese industry groups denounced it as protectionist.
  • South Korea held an emergency meeting led by Vice Trade Minister Park Jong‑won and pledged to take all available steps, noting it exported about 3.8 million tons worth $4.48 billion to the EU last year.
  • Seoul plans a cross‑ministerial Steel Industry Advancement Strategy this month that leverages FTA channels and stronger antidumping tools, as projections show Posco and Hyundai Steel facing tariff costs exceeding 1 trillion won.