South Korea plans to unveil a comprehensive Steel Industry Advancement Strategy in late October to address the EU’s new steel import tariff measures, which cut duty-free quotas by 47% and raised over-quota duties to 50%.

The strategy, led by the Ministry of Trade, Industry and Energy (MOTIE), will focus on strengthening trade defense mechanisms, promoting low-carbon production, and supporting exports and raw material stability.

Seoul also intends to leverage the Korea–EU FTA and pursue diplomatic negotiations to mitigate the impact on Korean producers. The EU is South Korea’s second-largest steel export market, with exports reaching US$4.48 billion in 2024. Industry analysts warn that the new measures could significantly raise costs for major steelmakers POSCO and Hyundai Steel, intensifying export challenges amid global protectionism.