South Korea and EU agree on steel export limits
South Korea has reached a broad agreement with the European Union regarding the steel import quota system. A quota of 2.58 million tons has been set, with a refusal to reduce it by up to 46%. Europe plans to implement new measures, including lowering the number of tariff-exempt quotas and increasing tariffs on imports exceeding these quotas, starting from July 1. These changes could negatively impact South Korean steel companies. The South Korean Minister of Industry confirmed that the country will take actions to support steel manufacturers while awaiting the finalization of the quotas, amid ongoing monitoring of the risks associated with these measures.
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