South Korea to Limit Steel Shipments to U.S.

SEOUL, South Korea —  South Korea has agreed to limit its steel shipments to the United States for five years, retroactive to Oct. 1, the Trade and Industry Ministry said.

Ministry officials said the accord was reached in Washington last week, “virtually” completing the bilateral talks on self-restraint agreements. Both sides also agreed to classify into six categories the Korean steel products to be covered by the arrangements.

The officials, who declined to be identified by name, said Korean steel exports to the U.S. market are expected to drop to about 2 million tons this year, compared with 2.4 million tons in 1984.