South Korea is considering enforcing anti-dumping measures on some steel products from China and Japan, amid concerns that cheap imports are out-competing local makers.

The country may investigate the potential dumping of Chinese and Japanese hot-rolled steel products, the Ministry of Trade, Industry and Energy said in a statement, cautioning that a final decision is yet to be made.

Korean steelmakers had previously flagged that imports of the metal are damaging local businesses. Hyundai Steel earlier filed a complaint about the influx of Japanese and Chinese hot-rolled steel. The country top steelmaker, POSCO Holdings, closed a wire-rod plant citing similar issues.

The global steel industry is reeling from a stream of cheap products from China, the result of an oversupply caused by a slumping property sector. Countries are rolling out import duties to protect local businesses, including the US, which plans to impose a 25 percent blanket tariff on all steel and aluminum imports.