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Trade minister calls for amicable solution to EU's steel safeguard replacement plan

Published: 11 Oct. 2025, 11:50 Updated: 13 Oct. 2025, 16:16

Trade Minister Yeo Han-koo is shown in the photo provided by his office on Oct. 1. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea's trade minister has urged the European Union (EU) to seek a friendly and constructive solution regarding the bloc's recently announced measures to replace existing steel safeguard rules, warning the new system could negatively impact Korean steelmakers, his office said Saturday.

Trade Minister Yeo Han-koo delivered such a message during a bilateral meeting with Maros Sefcovic, the European Commission's commissioner for trade and economic security, held Friday in Gqeberha, South Africa, on the sidelines of the Group of 20 (G20) Trade and Investment Ministers’ Meeting and the Global Forum on Steel Excess Capacity (GFSEC).

Yeo expressed concerns that the EU's proposed tariff-rate quota system, which would effectively reduce import quotas and raise tariffs, would create greater uncertainty for Korean steel exporters.

“South Korea shares the values of a multilateral free trade system and has been working closely with the EU to address global steel excess capacity through mechanisms such as the GFSEC,” Yeo said. “It is important that the new measures do not undermine free and fair trade between Korea and the EU and that we work together to find an amicable solution.”

He added that Korea, as an FTA partner with the EU since 2011, should be given differentiated consideration compared to non-FTA countries, calling for sufficient quota allocations to maintain current trade levels.

The two sides agreed to continue close discussions on the matter.

During the GFSEC meeting, Yeo raised concerns over the challenges facing the global steel industry while pledging Korea's continued cooperation through fair trade and low-carbon initiatives. At the G20 meeting, he also called for expanded plurilateral cooperation amid challenges facing multilateral trade schemes.

Yonhap