Korea Government Mobilizes Full Response to EU New Steel Measures, Works to Secure Steel Industry Interests

South Korea’s Ministry of Trade held a meeting with the Korea Iron & Steel Association and major steelmakers on June 16 to share progress on Korea-EU steel quota negotiations ongoing since April. The talks concern the EU’s new steel import management regime under its ‘Steel Overcapacity Response Act,’ set to take effect July 1 as a replacement for the WTO-based global safeguard measures expiring June 30. The government discussed measures to minimize damage to Korean steel exporters under the new EU quota system.