South Korean President Lee Jae Myung has called on the European Union to give South Korean steelmakers favorable consideration as the bloc prepares to increase duties on steel imports as of July 1, according to a report by Reuters.
The request was made during a summit held in Belgium on Wednesday with European Council President Antonio Costa and European Commission President Ursula von der Leyen. At the meeting, President Lee urged the EU to ensure that South Korean steel producers continue to have access to the European market under conditions no less favorable than those granted to their competitors.
The South Korean president cited the country’s position as both a strategic partner and a free trade partner of the EU, emphasizing the importance of fair treatment for Korean steelmakers under the bloc’s revised import regime.
In May, the European Parliament approved plans to reduce tariff-free steel imports into the EU by almost half compared to 2024 levels, setting the new annual quota at 18.3 million mt. Imports exceeding this volume will be subject to a 50 percent tariff, up from the current 25 percent duty, as previously reported by SteelOrbis.