According to Yonhap July 17 reported that recently, a large influx of cheap Chinese steel Korea, with trade protectionism around the world, South Korea's steel industry is facing a double crisis. Korea Iron & Steel Association and the Korea Trade-Investment Promotion Agency (KOTRA) data released today show that the first half of 2014 Korean steel imports increased 15.5 percent year on year, to 11.21 million tons, of which China products reach 6.55 million tons, up 31.0 percent surge .

In South Korea imported steel, the Chinese product rose from 51.5 percent in 2013 to 58.4 percent in the first half of the first half of 2014. The biggest advantage of Chinese steel for low prices. The same period, the price of steel imports tonne from $ 789 down to $ 738. Hyundai Steel and Dongkuk recently reason for China H-beam manufacturers to Korea Trade Resources Ministry of Trade and Industry Committee to apply anti-dumping investigation, because of cheap Chinese goods to disrupt the order of the Korean market, leading Korean companies subject to economic losses.

According to statistics, the first half of 2014, since China H-shaped steel imports reached 410,000 tons, an increase of 27.4%. China H-beam and Korea lower price compared to similar products 180,000 won per ton (about 1089 yuan).

On the other hand, global steel glut, some importing countries growing number of trade barriers, which also pose challenges to the South Korean steel companies. U.S. Department of Commerce on July 11 decision, the South Korean oil well pipe anti-dumping duty at the rate of 9.89% ~ 15.75%. The industry generally believe that the U.S. Commerce Department's political pressure forced Congress to overturn the previous Korean products made no suspicion of anti-dumping preliminary determination. On the same day, the U.S. International Trade Commission (ITC) made a preliminary determination, said South Korea, Taiwan, Vietnam, Malaysia, Oman nail of dumping, resulting in their industry suffered a loss. The first half of South Korea's steel exports to the United States surged 55.9 percent year on year, exports increased by 44.3%. This caused strong resentment among the American steel industry, the American Iron and Steel Institute asked the Government to strongly restrict steel imports. In addition, Canada from June survey Ganggun concrete from Korea, China and Turkey, the existence of dumping and whether these countries for their enterprise subsidies.