Anduk Geun, Minister of Industry, "Plan to Overcome Steel Tariff Measures to be Prepared in March"

"Pursuing Strengthening of Trade Defense Functions
Including Monitoring of Circumvention Dumping and Imported Goods"

On the 13th, Andeokgeun, Minister of Trade, Industry and Energy, stated regarding the U.S. steel tariff measures, "We will promptly prepare measures within March to overcome the internal and external risks facing the steel industry."

Minister Ahn made these remarks while sharing the government's response direction on U.S. tariffs at a meeting with the steel industry held at the POSCO Center that morning. The meeting was attended by CEOs of major steel companies and experts.

The United States has imposed a 25% tariff on all steel imports since 2018 under Section 232 of the Trade Expansion Act, but South Korea had been exempted for up to 2.63 million tons annually. However, it was announced last month that this exemption would be completely abolished, and it came into effect at 1 p.m. Korean time the day before.

Sharing the recent results of his visit to the U.S., Minister Ahn said, "We will make an all-out effort through high-level exchanges, including the head of the Trade Negotiations Headquarters currently in the U.S., to respond."

Regarding concerns that unfair trade attempts will become more frequent, he said, "We are promoting the strengthening of trade defense functions such as monitoring circumvention dumping and imported goods."

He also urged industry-level efforts to respond to changes in the trade environment. Minister Ahn said, "Please proactively review investment and export strategies focused on high value-added products, considering high uncertainty as a constant," adding, "The government will also focus its support in this direction."

The government plans to incorporate the industry opinions confirmed on this day into measures to respond to steel trade and unfair imports within this month.