The European Union (EU) announced on the 19th (local time) that it will strengthen and implement 'safeguard' measures to limit steel import volumes starting from the 1st of next month.
Stefan Sejurene, the EU's chief executive vice president for prosperity and industrial strategy, said this during a press conference on the 'Steel and Metals Industry Action Plan' held in Brussels, Belgium, in the afternoon, noting that "the goal is to reduce import volumes by up to 15%."
The steel safeguard is a measure in which the EU has applied a quota system on 26 types of steel products since 2018 and levies a 25% tariff on excess quantities. It means that the allocation per country, including South Korea, is set and will be reduced.
Vice President Sejurene explained that "the new measures will be much stricter than the existing ones," reflecting the demands of the steel industry.
He emphasized, "We have seen what the dependence on Russian gas has led to," stating that "we must ensure that steel does not end up like Russian gas."
This measure is an emergency response to the high tariffs on steel and aluminum imposed by the administration of Donald Trump.
However, given that South Korean steel is also a key export product to the EU, it is expected that this measure will have an impact.