Gov’t to support steel companies’ legal action against U.S. tariff imposition

South Korean Trade Minister Ahn Duk-geun [Courtesy of the Ministry of Trade, Industry and Energy]

South Korean Trade Minister Ahn Duk-geun said on Tuesday that the government will actively support the country’s steel industry in its legal proceedings against the U.S. Department of Commerce for imposing countervailing duties on steelmakers including Hyundai Steel Co., while adding that Korea’s low electricity prices is a form of subsidy.

“The government is continuously monitoring the situation and intends to file a case with the United States Court of International Trade (CIT) to seek a different ruling on the part where the U.S. views our low energy prices as a subsidy,” Ahn said.

“Since the World Trade Organization is currently not functioning effectively, we plan to begin the case at the U.S. court,” he added.