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March 20 (Asia Today) — South Korea’s steel industry faces mounting pressure as Britain moves to tighten import restrictions, adding to growing trade barriers in the United States and Europe. Britain said it plans to cut steel import quotas by 60% and raise the tariff on volumes above the quota to 50% from 25%, with the new measures set to take effect July 1.

The tougher British measures have raised concerns about weaker exports and shrinking profitability for South Korean steelmakers. South Korea exported 640,000 metric tons of steel to Britain last year, accounting for 2.3% of its total steel exports, according to the industry ministry.

South Korean companies including POSCO and Hyundai Steel have shipped products such as heavy steel plate to Britain. POSCO said it is reviewing the situation and plans to respond after Britain releases more details on the affected products and volumes. The industry ministry said the move could violate World Trade Organization rules and the Korea-Britain free trade agreement, which provides for tariff-free steel trade, and pledged to work with London to limit damage to Korean companies.

The British action comes as other major markets also harden their trade defenses. The United States raised tariffs on imported steel and aluminum to 50% in June 2025. The European Union is also pursuing a tougher steel regime that would cut tariff-free import volumes by 47% and double out-of-quota duties to 50%.

The broader protectionist shift has already hurt Korean producers. Industry officials say companies are increasingly reliant on government trade talks as barriers rise across major export markets.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260320010006218