News Global Market protective measures 111 11 June 2026
The country is seeking access to the European market on terms no less favourable than those enjoyed by its competitors
South Korean President Lee Jae-myung has asked the EU to give favourable consideration to the situation facing Korean steel producers following the introduction of new European safeguard measures. This was reported by Reuters, citing a statement from the presidential administration.
Lee made the request during a summit with European Council President António Costa and European Commission President Ursula von der Leyen on 10 June.
The South Korean president asked the European Union to ensure that South Korean steel producers have access to the bloc’s market on terms no less favourable than those offered to competitors. He cited the country’s status as a strategic partner of the bloc and a free trade partner.
According to Eurofer, South Korea was the second-largest exporter of steel to the EU in 2024 (3.3 million tonnes).
On 8 June, the EU approved new protective measures on steel — the new regulation will come into force on 1 July. It provides for an overall reduction in import quotas for steel products to 18.3 million tonnes per year and a 50% duty on supplies exceeding the established limits.
As reported by GMK Center, in the spring of 2026 South Korea announced a large-scale support programme for its steel industry, which is under pressure from the conflict in the Middle East and the tariff policies of other countries. Total funding will amount to 80 trillion won (almost $54 billion).
In November 2025, the country also launched a major support programme for the metallurgical sector. The plan provides for the creation of a 400 billion won ($278 million) guarantee scheme to support steel exports, as well as 150 billion won for companies working with steel, aluminium and copper products. Particular attention has been paid to the green transition.
