South Korea to restructure steel industry hit by tariffs, oversupply

South Korea said on Tuesday it plans to restructure the domestic steel industry after the sector has been buffeted by higher tariffs imposed by the United States and the European Union as well as oversupply issues, according to the industry ministry.

The ministry said in a statement the government planned to take preemptive steps to adjust production capacity in oversupplied products, as well as expand financial and policy support for exporters facing steel tariffs.

(By Heekyong Yang and Joyce Lee; Editing by Ed Davies)