SEJONG — South Korea’s finance ministry said Tuesday it will extend anti-dumping duties on Japanese stainless steel plates for three years.

South Korea has imposed the 13.17 percent anti-dumping tariff on the Japanese products since 2011, citing substantial damage to the local industry.

The plates are widely used in different industries, including the petrochemical, shipbuilding and chip segments.

The tariff mainly targets those from Japan’s Nippon Steel Stainless Steel Corp., Nippon Yakin Kogyo Co. and JFE Steel Corp.

The local market of such plates was estimated at 300 billion won ($233 million) in 2018. (Yonhap)