South Korea has been excluded from stiff U.S. steel and aluminum tariffs based on Section 232 of the U.S. Trade Expansion Act.

Minister for Trade Kim Hyun-chong on Monday unveiled the results of his negotiations with U.S. officials on securing the exemption.

In return, Seoul accepted Washington's move to impose import quotas in a bid to address the U.S.’ concern of excessive foreign metal flooding into the country.

The quota is equal to 70 percent of steel exports to the U.S. posted on average between 2015 and 2017, or around 268-thousand tons. The figure is about 74 percent of metal exports to the U.S. last year. 

Steel industries are expected to coordinate views on how to allocate the quota.