South Korea announced plans on July 1 to generate additional domestic steel demand after the European Union tightened import safeguards. Industry Minister Kim Jung-kwan led talks with local steelmakers in Seoul.
The EU cut its overall tariff-free steel quota to 18.35 million tons, a 46 percent reduction. South Korea received a quota of 2.07 million tons, down 19.7 percent from the prior 2.58 million tons.
Industry Minister Kim Jung-kwan said the government would boost supply-chain ties with shipbuilders, defense firms and renewable energy companies. This is expected to create more than 510,000 tons of new demand.
Trade Minister Yeo Han-koo noted ongoing efforts to secure market access. South Korea also retains an additional 1.47 million tons of competitive quota and will continue FTA talks with the EU.
