The South Korean government will hold a meeting next week to discuss possible anti-dumping measures on Chinese thick steel plate imports amid growing concerns for the local steel industry sparked by the global trade war, sources said Thursday.
The Korea Trade Commission will hold a meeting next Thursday to come up with a preliminary decision on a complaint filed by Hyundai Steel Co., South Korea's second-largest steelmaker, calling for anti-dumping measures against Chinese thick steel plates, according to sources familiar with the matter.
The KTC commenced an investigation into the case in October after Hyundai Steel filed a complaint with the government in July against low-priced thick steel plates imported from China.
If the KTC recognizes any damage suffered by South Korean companies due to cheap Chinese products in its preliminary decision next week, the government may take steps to slap anti-dumping tariffs on such imports.
The KTC is reportedly reviewing the matter with caution as its decision could have a big impact on the Korean thick steel plate market, which has an estimated value of some 8 trillion won ($5.5 billion).
The Korean steel industry has been on alert after the US government announced plans to impose a 25 percent tariff on all steel and aluminum imports starting March 12.
Market watchers say the new US duties could worsen challenges facing the local industry, which is already grappling with oversupply, especially from China, and declining global demand.
If cheaper Chinese steel products, unable to enter the US market, flood other regions, such as Europe and Southeast Asia, South Korean steelmakers will likely face tougher price competition.
"All the countries in the world are currently taking trade measures in the steel sector," a government official said, noting the government will review the matter "in accordance with related laws and procedures."
Meanwhile, during an industrial investment strategy meeting Wednesday, Industry Minister Ahn Duk-geun said the government will strengthen trade remedies to protect local industries amid heightened uncertainties in global trade. (Yonhap)
