The Korea Trade Commission has decided to extend antidumping tariffs of over 13 percent imposed on a Japanese steel product by three more years.

The commission reached the decision in a Friday meeting to extend the 13-point-17 percent tariff on Japanese stainless steel plates, an industrial raw material used in petrochemicals, shipbuilding and steel pipes.

The domestic market for stainless steel plates was worth over 288 billion won as of 2014.

The trade commission has slapped the 13-point-17 percent antidumping tariff on the Japanese steel product for five years since April 2011.

The commission conveyed its ruling to extend the tariff to the Finance Ministry. The finance minister will finalize a decision on the extension by no later than mid-December.