EU launches safeguard survey on 26 steel products

Yonhap News Agency reported on April 4th that South Korea Steel had just won the “232 Survey” in the United States for exemption from customs duties, and immediately faced the EU’s investigation into safeguard measures for iron and steel. The industry expressed great concern. On March 26, the European Union announced that it will carry out investigations on safeguard measures for imported steel products, collect tariffs based on the survey results, or restrict imports in the form of quotas. The survey targets 26 varieties such as cold-rolled steel plates, hot-rolled thick plates, electrical steel pipes, and large-diameter steel pipes. According to the Korean Trade Association on the 4th, the EU’s total steel imports amounted to EUR 57.12 billion last year, of which the amount of imports involved in this safeguard measure amounted to EUR 21.2 billion, while Korea’s exports to the EU involved imports amounting to EUR 2.39 billion (about USD 2.94 billion). ), accounting for 11.3%, higher than the United States "232 investigation" tariff target amount of 2.79 billion US dollars. Some analysts claimed that the EU’s move was intended to prevent the influx of steel products from the world into the EU due to the “232 survey” in the United States. South Korea's steel is more difficult to find alternatives in the face of its blockade of exports to the United States and the European Union.