1. On June 4, 2002, the European Commission announced the revision of provisional safeguard measures 
on steel imports, taken on March 29, 2002.

-   The Tariff Quota System, adopted under the provisional safeguard measures on steel imports, currently 
imposes additional tariff on selected steel imports that exceeded a certain quota. Previously, this System 
also required EU steel importers to pay deposits when importing the products, regardless of the amounts 
being imported within the quota (if less than the quota level, the deposit is returned). Accordingly, the 
previous provisional safeguard measures had acted as a barrier to importing steel products from long-
distance locations, such as Korea.

-   However, the EU's revised regulations now requires importers to pay deposits only when the products 
they import uses up 75% or more of the quota.

 
2. At the 16th Korea-EU Ministerial Meeting, the Korean Government had requested that the EU revise these 
regulations, and the EU accepted this request. It is expected that the reduction in the obligation related to 
additional tariffs, such as the payment of deposit, will ease the burden on EU importers, who have up until 
now, avoided importing Korean steel products.

                                                                 Spokesperson of MOFAT

 
* unofficial translation