South Korea has negotiated a 2.07 million-ton tariff-free steel quota with the European Union, securing a vital exemption just days before Brussels implements a significantly tightened import regime on July 1.
The agreement ensures that South Korean steelmakers can continue exporting to the EU market without facing the steep duties that will apply to shipments outside the quota.
The deal comes as the EU moves to halve the total volume of duty-free steel it accepts from abroad, marking a decisive escalation in its efforts to shield domestic producers from global overcapacity.
While other trading partners face severe reductions—Switzerland, for instance, is set to see its duty-free quota cut by 33% despite requests for an exemption—South Korea’s negotiated volume provides a buffer against the new protectionist measures.
For South Korean steel exporters, the quota represents a critical lifeline.
The EU remains one of the world’s largest steel markets, and losing tariff-free access would significantly erode profit margins and market share.