outh Korea’s Minister of Trade, Industry, and Energy Kim Jung-kwan announced on Friday, September 19, 2025, that the government will launch a new export guarantee program worth approximately 400 billion won (about USD 290 million) to support domestic steel manufacturers affected by steep U.S. import tariffs.
Minister Kim made the statement during a meeting with senior executives from major steelmakers, including POSCO, in the southeastern city of Pohang.
The U.S. government, under President Donald Trump, imposed a 25% tariff on imported steel and aluminum, which was later doubled to 50% in June 2025.
“The government, steel manufacturers, financial institutions, and policy lenders will jointly implement an export guarantee scheme to strengthen the steel industry’s supply chain,” Kim said. He emphasized that the measure would have an estimated economic impact equivalent to 400 billion won in total support.
Minister Kim also pledged to continue negotiations with Washington to seek tariff relief, while promising additional support measures for the steel sector and enhanced efforts to curb unfair imports.
Furthermore, he noted that the government would address regional economic stress caused by the steel industry’s downturn and collaborate with the National Assembly to develop legislation to assist the sector.
The aggressive U.S. tariff policy has significantly hurt Korean steel producers, with exports plunging more than 25% year-on-year in July 2025.