[South Korea Targets 510,000 MT of New Domestic Steel Demand Following EU Import Curbs]

Published: Jul 2, 2026 11:45

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In response to the EU's new safeguard system implemented on July 1, which slashed the bloc's overall tariff-free steel import quota by 46% to 18.35 million metric tons (mt), South Korea is launching initiatives to boost domestic consumption. With its country-specific EU quota reduced by 19.7% to 2.07 million mt, the South Korean government aims to create over 510,000 mt of new domestic steel demand by strengthening supply chain cooperation with local shipbuilding, defense, and renewable energy sectors. This strategic pivot illustrates South Korea's proactive approach to absorbing displaced export volumes and insulating its industry from rising global protectionism.

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