Seoul to thoroughly monitor impact of Britain's new steel import policy

This will let Google show Yonhap news articles that match or are related to your search

SEOUL, June 25 (Yonhap) -- South Korea will thoroughly monitor the impact of Britain's new steel import policy, while making efforts to address related uncertainties, the trade ministry said Thursday.

The move came after Britain announced new safeguard measures on steel imports, which will take effect on July 1.

Under the measures, Britain will apply a 50 percent tariff on imports of 20 categories of steel products beyond quota, while setting tariff-rate quotas totaling 3.22 million tons, according to the Ministry of Trade, Industry and Resources.

The ministry said while Britain accounted for 1.2 percent of South Korea's steel exports from 2022 to 2024, the tariff hike is nevertheless expected to place a burden on local steel producers.

Seoul has conveyed its concerns to London, highlighting that South Korean steel products have contributed to Britain's manufacturing industry and supply chain.

Britain, meanwhile, plans to engage in negotiations with its trading partners on compensation.

The trade ministry added it would make proactive efforts to guarantee South Korean firms' access to the British market and protect national interests.

This file photo, taken June 6, 2026, shows the sign of the Ministry of Trade, Industry and Resources in the central city of Sejong. (Yonhap)