The Minister stated that a “Steel Export Supply Chain Strengthening Guarantee Product” will be created for the industry, which is struggling with high 50% tariffs from the United States.
During the meeting, Minister Kim said, “We will establish a new guarantee product that can provide approximately 400 billion won in support through steel companies, financial institutions, and policy finance institutions.” He visited Pohang, in North Gyeongsang Province, to inspect POSCO’s artificial intelligence (AI) blast furnace and hydrogen-based iron reduction development center, and listened to the challenges faced by the sector.
The meeting was attended by POSCO Chairman Lee Hee-keun, Hyundai Steel Chairman Seo Kang-hyun, Dongkuk Steel Chairman Choi Sam-young, SeAH Steel Vice Chairman Hong Man-ki, Nexteel CEO Choi Cheol-gyun, TCC Steel Chairman Kim Young-hak, and Korea Iron & Steel Association Executive Vice Chairman Lee Gyeong-ho.
Minister Kim emphasized that negotiations with the United States on tariff exemptions will continue, stating, “We will implement supportive follow-up measures for tariffs and actively defend against unfair imports.” He also noted that the Ministry will maintain close communication with the sector and seek solutions to regional economic issues caused by the steel industry.
The Ministry further announced that it will support industrial transformation through measures such as enhancing efficiency and industrial safety via AI integration and promoting low-carbon and specialized carbon steel production.
The “Task Force for Enhancing Steel Sector Competitiveness,” established in January in South Korea, discusses policy initiatives with experts and industry representatives. The “Steel Sector Development Plan,” which will include the task force’s outcomes and cooperation with relevant ministries, is planned to be announced at the end of this month.
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