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South Korea said on Wednesday the European Commission's proposal to cut tariff-free steel import quotas by almost half and to impose a 50% duty for excess shipments would negatively impact South Korean steel exports if implemented as planned.
The proposal, which seeks to protect European steelmakers, is expected to have "significant impact" on steel exports to the European Union, which is South Korean steelmakers' second-largest export market, the industry ministry said in a statement.
"However, since the EU has explicitly stated that it will consider FTA (free trade agreement) signatory countries when allotting supplies by country, South Korea plans to secure our interests as much as possible through bilateral consultations," the ministry said.
South Korea's top trade envoy Yeo Han-koo plans to meet EU Trade Commissioner Maros Sefcovic in coming days to express the country's position, the ministry said.
High U.S. tariffs of 50% have already led South Korean steel exports to dip 4.2% in September, extending losses to a fifth straight month.
Source: Reuters
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