Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The Korean government is looking for solutions to counter the EU’s carbon border adjustment measure (CBAM), expected to affect local steel and petrochemical companies.


The measure that would be made effective in 2023 is an effort to reduce carbon emissions. This initiative by the EU will increase tariffs on imported goods according to their carbon content level. The main tax will be applicable on steel production, known to release more greenhouse gases compared to aluminum and copper.


On Sunday, the ministry of trade, industry, and energy began a study on the impact of carbon border tariffs on the domestic steel sector while designing methods to encourage competition at a local level.


The EU plans to present the draft bill on July 14, and the tax measures will be introduced in a phased manner from 2023 on steel, cement, and various other products with a high carbon footprint. 

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