The law was passed with the joint proposal of 106 members of parliament from both the ruling and opposition parties, including Representative Agu Ki-gu from the Democratic Party of Korea and Representative Lee Sang-hui from the People Power Party. In the general assembly, the law was approved with 245 votes in favor, 5 against, and 5 abstentions.
The K-Steel Law includes provisions for the establishment of a low-carbon steel certification system, the creation of a dedicated low-carbon steel sector, the shortening of review periods for corporate mergers, and fair trade measures such as information exchange for business restructuring.
To monitor the implementation of the law and discuss sectoral policies and plans, a Special Committee for Strengthening the Competitiveness of the Steel Sector under the Prime Minister’s Office has been established. The committee will be chaired by the Prime Minister and consist of up to 20 members.
To support the sector, tax incentives will also be provided. Accordingly, tax benefits will be offered under the Special Tax Treatment Control Law and Local Tax Special Exemptions and Relief Act, along with employment support under the Unemployment Insurance Act.
The K-Steel Law will come into effect six months after its publication and will remain in force until December 31, 2028. At the end of this period, the law can be reviewed for extension for up to three more years.
Comments
No comment yet.