Posted on 07 Jul 2025
The Korea Customs Service said Monday it has nabbed two local companies on charges of illegally exporting steel products to the European Union (EU) without paying tariffs.
The two companies have been referred to the prosecution for allegedly exporting some 126,000 tons of color-coated steel sheets, worth 230 billion won ($168.5 million) to EU member nations between 2020 and 2023 without paying any duties, according to the agency's Seoul office.
The companies are suspected of having filed false reports that their shipments are headed to a non-EU country to evade tariffs, while, in reality, shipping them to EU countries.
The Korea Customs Service said Monday it has nabbed two local companies on charges of illegally exporting steel products to the European Union (EU) without paying tariffs.
The two companies have been referred to the prosecution for allegedly exporting some 126,000 tons of color-coated steel sheets, worth 230 billion won ($168.5 million) to EU member nations between 2020 and 2023 without paying any duties, according to the agency's Seoul office.
The companies are suspected of having filed false reports that their shipments are headed to a non-EU country to evade tariffs, while, in reality, shipping them to EU countries.
The EU has set quarterly import quotas for each country, under which imports within the quota are tariff-free, while those exceeding the quota are subject to a 25 percent tariff.
The Seoul customs authority said the companies "unfairly" took away opportunity for duty-free exports of other Korean steel manufacturers who followed necessary procedures.
Source:The Korea Times
