The government has launched a process to counter the UK's extended safeguard measures against South Korean steel exports, after the two sides fell short of settling the matter.

According to the Trade Ministry on Wednesday, it recently notified the World Trade Organization(WTO) that it could halt tariff concessions to Britain, corresponding to the amount of damage incurred by the safeguards.

This comes after Britain, along with the European Union(EU), extended the measures for another three years in July. Seoul and London failed to resolve the dispute, despite holding a series of bilateral consultations.

While a WTO member can invoke the suspension of concessions three years after safeguard measures are enforced, Seoul previously notified the WTO of possibly invoking them against the EU and the UK in April 2019.

This is due to Britain inheriting the protections, introduced in 2018, to impose a 25-percent duty on imported steel products above quotas from the EU following the completion of Brexit late last year.

Officials in Seoul said they plan to closely coordinate counteraction with domestic steelmakers, while also seeking further negotiation with London.