SEOUL - South Korea's acting President Choi Sang-mok on Tuesday said his government would seek talks with the US administration about Washington's 25 percent tariffs on steel and aluminium imports to reflect the interests of its companies.

The CEOs of 20 major South Korean conglomerates plan to visit the United States in the near future, while the government also intends to discuss response measures with Japan and the European Union (EU), Choi said.

The government is making an "all-out effort" to build close ties with US President Donald Trump's administration to protect the interests of South Korean companies, Choi said.

READ MORE: EU says Trump tariffs will trigger firm countermeasures

Earlier on Tuesday, Trade Minister Cheong In-kyo said that Trump's 25 percent tariffs due to come into force in March would reduce US 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 would "actively consider" whether there is room for negotiation on the tariffs, Cheong said, despite Trump's pledge on Monday that the higher tariffs would come in "without exceptions or exemptions".

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

South Korean steelmakers extended losses on Tuesday. POSCO Holdings closed down 0.8 percent, falling for a second straight day, and Dongkuk Steel Mill fell 0.9 percent to close at a three-month low, while the broader KOSPI market rose 0.7 percent.

South Korea is the fourth biggest exporter of steel to the United States, behind Canada, Mexico and Brazil last year, according to American Iron and Steel Institute data.

2018 Exemptions

During Trump's first term in 2018, South Korea and the United States agreed on an annual duty-free steel quota of 70 percent of volumes shipped to the US on average from 2015-17.

The deal made South Korea the first US ally to secure an indefinite exemption on the steel tariffs.

READ MORE: Canada to respond to Trump's tariffs on steel, aluminum

"Thus, we see room for negotiation with the second Trump administration if necessary," Citi said in a report.

Citi estimates that the latest US steel tariffs will have a negative impact on South Korea's economy by around 0.11 percent to 0.22 percent of gross domestic product.

European Union trade ministers will hold an unscheduled video conference on Wednesday to discuss the bloc's response to impending US steel and aluminium tariffs, EU diplomats said on Tuesday.