News Room - Steel Industry

Korea has urged Japan to take action on the growing dumping of structural steel beams from the country, seeking to “settle the issue peacefully,” officials said Thursday.

The issue was discussed at the 16th Korea-Japan Consultative Meeting on Steel Products held in Seoul.

The Industry Ministry expressed its concerns over alleged unfair pricing of imported steel from Japan to its Japanese counterpart, they said.

“The conference served as an opportunity for the two countries to have a candid discussion about some errors and trade conflicts in the steel industry,” Kim Jong-chul, head of the ministry’s metals chemicals division, said after the conference.

Officials from the nation’s major steelmakers attended the meeting, including POSCO, Hyundai Steel and Dongkuk Steel.

The two ministries agreed on an “amicable resolution” via communication channels between the governments and industry, should there be further conflict, the officials said.

According to data, imports of Japanese channel sections jumped 50.2 percent in the first quarter to record 21,000 tons. Single angle steel beams soared 28.7 percent at 34,000 tons during the same period.

Korean manufacturers of structural steel beams were reportedly planning to file a petition seeking punitive tariffs of up to 15 percent for alleged unfair pricing of imported steel from Japan.

Market insiders said Japanese structural steel beams were imported at prices that are 19 percent lower than prices at home.

The steelmakers have reportedly reviewed the legitimacy of the legal action since July and were planning to file the complaint in November if they fail to reach an agreement.

Imports of structural steel beams from Japan account for about 15 percent of the Korean market. They are cheaper than domestic products by 30,000 won to 40,000 won ($33.56) per ton.