South Korean officials plan to prudently cope with the situation once it gets more details, including the size of the quota.
South Korea and the EU had been negotiating since Monday.
The European Commission found it necessary to retain the safeguarding measures considering the industry-wide slump amid the COVID-19 pandemic.
The EU, which is expected to make a final decision next week, earlier claimed the measure was in response to the US protectionism policies, which prompted steel producers to look to Europe as an alternative market.
South Korea recorded US$2.39 billion in steel exports to the EU in 2020, down 19.7 percent from the $2.9 billion in 2017.