Five Eurasian countries have decided to impose a 20 percent tariff on South Korean hot-rolled steel products in excess of their yearly no-tariff quota.
Seoul's trade ministry announced on Friday that the Eurasian Economic Union, consisting of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan has decided to impose a 20 percent tariff on South Korean hot-rolled steel products that exceed the annual quota of 1.3 million tons.
The tariffs will last for one year, starting December.
The bloc began a safeguard investigation in August last year amid concerns over an influx of steel products into the region after the United States and the European Union raised tariffs on steel imports.
Coated and cold-rolled coil have been excluded from the measures.