Korea’s steel export quota to the EU falls nearly 20 percent under new safeguard rules

Korea has been allocated a quota of 2.07 million tons under the European Union (EU)'s new safeguard measures on steel imports, down around 20 percent from the previous level but a smaller reduction than the overall reduction, the Trade Ministry said Tuesday.

The figure represents a decrease from the previous quota of 2.58 million tons allocated to Korea from July 2025 to June this year, according to the Ministry of Trade, Industry and Resources.

The announcement came as the EU is set to sharply reduce tariff-free quotas on 30 steel products and raise the tariff rate to 50 percent on imports exceeding the quotas, as part of efforts to address global overcapacity.

The measures will go into effect on Wednesday.

The EU's overall tariff-free quota will be reduced to 18.35 million tons, down 46 percent from the previous 33.82 million tons.

The Trade Ministry said Korea made every effort to protect local steelmakers' access to the EU market, noting the country's tariff-free quota was reduced by 19.7 percent, less than the overall cut.

"Korea has utilized all available channels to help local steelmakers export even one more ton of steel to the EU market," Trade Minister Yeo Han-koo said in a release.

"As the global oversupply of steel and tightened import regulations by major countries are expected to continue for a considerable period, the government will make proactive efforts to ensure our companies maintain stable access to overseas markets and remain competitive," Yeo said.

Korea, meanwhile, also has access to an additional quota of 1.47 million tons that can be utilized through competition with other countries.

The Trade Ministry said it plans to work closely with local businesses to maximize access to the shared quota.

Yonhap