South Korea to consider WTO petition against proposed United States steel duties

South Korea to consider WTO petition against proposed United States steel duties

The offer comes amid the discussion between the United States auto maker and South Korea's government over the restructuring plans they prepared for the loss-making GM Korea.

However, the official added that a close look into GM's proposal was necessary to determine whether the investment plan was sufficient to rescue the unit, which directly employs some 16,000 workers.

Mr Kang said "South Korea may have been targeted due to its importing of Chinese steel, as the USA has long complained about global oversupply caused by China".

General Motors is proposing investing $2.8 billion in its South Korea operations over the next decade, even after President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE touted the company's decision to close one of its factories in the country.

Industry Minister Paik Un-gyu has reaffirmed that the government can not offer financial support to General Motors (GM) unless it presents its commitment to new investment.

The head of GM Korea's union said workers will go on a full strike if the US automaker decides to completely pull out of the country.

Last week, GM announced its plan to shut down the plant in Gunsan by May.

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The plan is to put pressure on GM, telling it to come up with a concrete turnaround plan for GM Korea, according to Lim Han-taek. GM wants to keep the remaining three plants - two in Bupyeong, just west of the capital city, and one in Changwon in the country's southeast - by allocating a new crossover vehicle for production here, the spokesman said.

Lim said the union will discuss a full strike and other options at a meeting on Thursday.

"As we are at a critical juncture of needing to make product allocation decisions, the ongoing discussions must demonstrate significant progress by the end of February, when GM will make important decisions on next steps", he said.

GM owns 77 percent of its South Korean unit GM Korea, while state-run Korea Development Bank (KDB) owns a 17 percent stake.

"They have requested for help and a thorough audit of the situation is among many preconditions before any public funds can be set aside", a government official told Reuters, requesting anonymity due to the sensitivity of the matter, referring to GM.

In the case of South Korea, it announced it would consider appealing to the WTO if the US decides to impose tariffs on steel, according to a Nikkei Asian Review report.

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