en.Wedoany.com Reported - South Korea's Minister of Trade, Industry and Energy, Kim Jung-kwan, stated on June 22, 2026, that Korea has reached a positive consensus with the European Union in negotiations regarding tariff quotas for Korean steel products. The EU will implement new regulations starting July 1, 2026, reducing the annual duty-free steel import quota from 33.82 million tons by 46% to 18.35 million tons. The tariff rate for steel imports exceeding the quota will be raised from 25% to 50%.

According to Kim Jung-kwan, South Korea currently receives a duty-free quota of approximately 2.58 million tons. The EU has committed that even if the import quota for Korean steel is reduced, the reduction will not reach 46%, though the specific figure has not been disclosed. Kim stated that South Korea made no special concessions, noting that the EU's move violates the free trade agreement and that South Korea could take retaliatory measures.

South Korea is one of the EU's major steel suppliers, and this quota adjustment significantly impacts Korean steel export companies. In April 2026, the EU announced revisions to its steel safeguard measures, reducing the total global duty-free import quota from 33.82 million tons to 18.35 million tons to address potential trade diversion risks following the U.S. imposition of steel tariffs. The European Steel Association (EUROFER) stated that this adjustment helps maintain the competitiveness of European steel producers.

The consensus reached in the Korea-EU negotiations means that the reduction in tariff quotas for Korean steel exports to Europe will be lower than the uniform 46% cut, securing relatively favorable export conditions for Korean steel companies. The South Korean government stated it will continue to monitor changes in EU steel trade policies and take corresponding measures as needed.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com