South Korea's Ministry of Trade, Industry and Energy has expressed concern regarding the United Kingdom's new protectionist measures on steel trade, stating that the action may violate the bilateral free trade agreement (FTA) between South Korea and the UK.

Previously, the UK government announced plans to reduce the total volume of steel import quotas by 60% and to impose a 50% tariff on goods exceeding the quota limit starting in July.

The Ministry of Trade, Industry and Energy stated, "This measure effectively extends existing steel safeguard measures and may contravene World Trade Organization rules as well as the South Korea-UK FTA, which stipulates that steel trade should be exempt from tariffs."

The statement also indicated that South Korean authorities will engage in close consultations with London and respond actively to the matter in order to minimize any negative impact on South Korean companies.

According to data from the Ministry of Trade, Industry and Energy, the UK accounts for 2.3% of South Korea's total steel exports.