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EAEU To Exclude South Korean Coated & CR Steel Products From Safeguard

Steel News - Published on Fri, 14 Jun 2019

Image Source: The German Marshall Fund of the United States
Yonhap reported that South Korea’s Ministry of Trade, Industry and Energy said that the Eurasian Economic Union has decided to exclude coated and cold rolled steel products from a safeguard measure, allowing a stable supply of steel sheets essential for automobile production at a Hyundai Motor Co plant in Russia. In its final investigation report, EAEU said that among the three types of steel products that were subject to their probe, hot-rolled, cold-rolled and coated, only hot-rolled will face the trade restriction for a year

The EAEU, which has Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan as its members, kicked off the investigation in August last year amid concerns over an influx of steel products into the region in the face of other countries' growing protectionism.

South Korea has stressed that steel products for automobiles and gas pipes, whose demand cannot be met with regional production, should be exempted from the safeguard measure. In 2018, South Korea exported 207,000 tons, or USD198 million worth, of the three types of steel products to the EAEU countries, with coated and hot-rolled steel products accounting for 52 percent and 45.7 percent of the total, respectively.

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Posted By : Rabi Wangkhem on Fri, 14 Jun 2019
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