South Korea is seeking to implement tariffs on some Chinese steel and producers on concerns over an influx of cheaper products flooding the market, following a similar measure from the Trump administration.
The practice has damaged South Korea's steel industry, according to a statement from the trade ministry, which cited a preliminary investigation. The government will seek to impose a provisional tariff of as much as 38.02% on hot-rolled steel plates imported from China, it said.
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South Korea is also seeking to implement a tariff of almost 28% on Baoshan Iron & Steel Co., and a duty of around 38% on suppliers including Hunan Valin Xiangtang Iron and Steel Co., according to the statement.
The levies will take effect once approved by the finance ministry.
China's steel industry has started to reduce its output as a prolonged property crisis crimped demand, but the Asian nation is still producing much more than it can absorb domestically, pushing products abroad. Last year, China's steel exports surged to a nine-year high.
Earlier this month, President Trump ordered a 25% tariff on all US imports of steel and aluminum products, cracking down of what administration officials said were efforts by countries like China to circumvent existing duties. That came a week after he added a 10% duty on all Chinese imports.
South Korea's Hyundai Steel Co. said its business has been hurt due to a flood of hot-rolled steel plates from China and Japan, prompting the company to submit a complaint with the government. Low-priced Chinese products were also part of the reason why Posco Holdings Inc., the nation's top steel-maker, closed its No. 1 wire rod plant in Pohang.
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