South Korea's Trade Minister Cheong In-kyo said on Tuesday that U.S. President Donald Trump's 25% tariffs on steel and aluminum imports due to come into force in March would reduce U.S. steel demand and erode steel exporters' profitability.

He said, however, the tariffs may offer opportunities for Korean companies to find new export markets.

South Korea will "actively consider" whether there is room for negotiation on the tariffs with the United States, even though Trump raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions".

Cheong was speaking at a meeting with officials from steel companies in Seoul.