Seoul, Sep 3
The government will provide up to 570 billion won ($408.8 million) in emergency financial aid this year to help South Korean companies cushion the blow from the 50 per cent US tariff on all steel and aluminium imports, the industry ministry said on Wednesday.
The measure comes as part of the government's comprehensive support package for Korean companies to help boost their exports amid global trade uncertainties, which was announced in a meeting of economy-related ministers, reports news agency.
The 570 billion-won financing support will include a special low-interest rate loan program for companies in the steel and aluminum sectors and cover expenses to lower interest rates on loans previously extended to small and medium-sized enterprises (SMEs) in those sectors, according to the Ministry of Trade, Industry and Energy.