South Korean steelmakers on Friday called for establishing a joint consultative body with the government to devise strategies for expected policy changes by the Donald Trump administration, the industry ministry said.

Officials from major steelmakers, including Posco and Hyundai Steel, made the call during a meeting with Industry Minister Ahn Duk-geun in Seoul, where they discussed potential impacts of new policy measures by the upcoming US government and their responses, according to the Ministry of Trade, Industry and Energy.

Since 2018, the United States has imposed an import quota on certain South Korean steel products in return for tariff exemption.

"It is needed for the government and the industry to set up a joint consultative body to closely monitor the situation and devise responses thoroughly based on various scenarios," an official of the Korea Iron and Steel Association said.

Ahn called for close communication and consultations between the government and the industry regarding new US policies, noting they could still help create new business opportunities, the ministry said. (Yonhap)