[THE INVESTOR] The Korean government has voiced opposition against the European Union‘s safeguard duties on imported steel and asked for compensation, Seoul’s trade ministry said on Jan. 12.

The Ministry of Trade, Industry and Energy said its officials held a bilateral meeting with counterparts from the EU in Brussels on Friday (local time) to object to the 25 percent tariffs on 23 categories of steel products that exceed the average of imports between 2015 and 2017.

The EU said the move, which is set to take effect Feb. 2, is aimed at protecting the domestic industry from a surge of steel after the United States imposed tariffs on foreign imports based on national security grounds earlier this year.

Seoul claimed the safeguard measures are not compatible with the World Trade Organization‘s procedural requirements, citing losses incurred by local companies.

The ministry said it aims to actively seek countermeasures if the EU does not consent to the compensation demands by the Seoul government.

By Park Ga-young and news wires (gypark@heraldcorp.com)