GCC Reduces South Korea Steel Safeguard Investigation Items from 9 to 7

"Excluding Hot-Rolled and Cold-Rolled... Partial Exclusion and Addition of HS Codes Related to Four Items Including Galvanized Steel"

[Image source=AP Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 11th that the Gulf Cooperation Council (GCC) investigation authorities have reduced the number of steel safeguard investigation items from 9 to 7.

TSAIP, the GCC investigation authority, notified changes in the scope of investigation, including additions and exclusions of target items, in the official gazette on the 5th (local time).

Previously, in October 2019, the GCC had initiated a safeguard investigation on 9 imported steel items.

This time, with the exclusion of hot-rolled and cold-rolled steel, which were previously under investigation, the number of items has been reduced to 7. Some HS codes related to 4 items including steel pipes, shaped steel, and galvanized steel sheets were partially excluded or added.

An official from the Ministry of Trade, Industry and Energy stated, "Since hot-rolled and cold-rolled items, which accounted for about 70% of the safeguard investigation items as of last year, have been excluded, it is expected that the burden on the industry will decrease."

According to the Ministry, hot-rolled and cold-rolled steel accounted for 356,000 tons out of 497,000 tons of exports to the GCC among the investigation items last year.

The final decision on the GCC steel safeguard investigation is expected to be announced in April.

This content was produced with the assistance of AI translation services.