South Korea Requests EU’s Fair Treatment on Steel Import Duties Amid Changes
South Korea’s Diplomatic Efforts Regarding EU Steel Tariffs
President Lee Jae Myung’s Appeal to the European Union
SEOUL, June 11 (Reuters) - South Korean President Lee Jae Myung asked the European Union to give Korean steel makers "favorable consideration" as the bloc gets set to raise import tariffs on July 1, his office said on Thursday.
Details of the Summit Meeting
Lee made the request during a summit with European Council President Antonio Costa and European Commission President Ursula von der Leyen in Belgium on Wednesday, the president's office said in a statement.
South Korea’s Strategic Partnership with the EU
At the meeting, Lee asked the EU to ensure South Korean steel makers can access the bloc's market on terms no less favourable than those offered to competitors, citing South Korea's status as a strategic and free trade partner with the EU, the office said.
EU’s New Tariff Policy and Its Impact
In May, the European Parliament approved plans to reduce its tariff-free steel imports by nearly half from 2024 levels to 18.3 million metric tons a year. For volumes above that level, tariffs of 50% will apply, up from a current 25%.
South Korea’s Steel Exports to the EU
In 2024, South Korea was the second-biggest steel exporter to the EU, shipping 3.3 million tons of finished steel products, according to data from Eurofer.
(Reporting by Heejin Kim; Editing by Sonali Paul)
