According to political sources on Friday, Rep. Eoh Ki-gu of the Democratic Party and Rep. Lee Sang-hwi of the People Power Party plan to introduce a bipartisan bill to protect domestic steel production on August 4. More than 100 lawmakers from both the ruling and opposition parties are backing the proposal.
Key provisions in the bill include the establishment of a special committee to strengthen the steel industry's competitiveness, designation of green steel zones with regulatory exemptions, expansion of infrastructure and tax incentives, support for green steel technology development and industrial restructuring, and stronger safeguards against unfair trade practices and import surges.
The legislative move comes as U.S. trade restrictions grow tighter. After imposing a 25 percent tariff on steel imports in March, the U.S. raised the rate to 50 percent in June. According to the Korea International Trade Association, the United States remains the largest export market for Korean steel, accounting for 6 trillion won (about $4.35 billion) out of Korea’s total steel exports of 46 trillion won (about $33.29 billion) in 2024.
In company-specific terms, roughly 10 percent of POSCO’s total exports go to the U.S., along with about 33 percent for Hyundai Steel and 36.5 percent for Seah Steel.
On July 30, the U.S. concluded trade talks with South Korea, announcing a reduction in auto tariffs to 15 percent while confirming that the 50 percent tariffs on steel would remain in place.
U.S. Commerce Secretary Howard Lutnick wrote on his X (formerly Twitter) account, "Steel, aluminum, and copper are not included and remain unchanged."
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