Preliminary results of the U.S. government's annual review on imported steel from South Korea show the tariff rates have dropped from the previous double digits to single figures.

The tariff rate on hot-rolled steel sheets imported from South Korean steelmaker POSCO has been sharply lowered from over 58 percent in the initial ruling in 2016 to nine-point-four percent.

The rate combines both antidumping and countervailing duties.

Tariffs on another Korean exporter, Hyundai Steel, have also gone down from over 13 percent to four-point-six percent.

Industry officials in Korea welcome the news but say they won't lower their guard until the final decision is made by next year's first half. 

Exporters are not yet completely relieved citing many other obstacles to steel shipments to the U.S., including possible quotas and tariffs imposed based on Section 232 of the U.S. Trade Expansion Act.