Seoul: The Ministry of Trade, Industry and Resources held a meeting with the steel industry Thursday to discuss response measures to the European Union's (EU) carbon tax policy launched this year, officials said.

According to Yonhap News Agency, the EU officially began implementation of the Carbon Border Adjustment Mechanism (CBAM) on Jan. 1 to levy tax on carbon-intensive goods imported to the region, such as steel, aluminum, cement, and fertilizers. Starting in 2028, the EU plans to expand its carbon border levy to other items, including auto parts, refrigerators, and washing machines.

In Thursday's meeting, major steelmakers stated that they have preemptively devised response measures to ensure smooth compliance with the CBAM, noting they can receive carbon emission verification through domestic institutions recognized by the EU. However, they requested the government to continue efforts to further ease uncertainties related to the EU's new policy as it is expected to keep evolving.

"As the EU plans to pursue additional law revisions (for CBAM) by the end of this year, we will use this opportunity to continue consultations with the EU to address the situation of Korean industries," said Lee Jae-keun, director general for new trade strategy and policy at the ministry.