The Korea Iron & Steel Association said on the 4th that it "warmly welcomes" the proposal of the special bill for strengthening the competitiveness of the steel industry and transitioning to green steel technology.
The special bill for supporting the steel industry was proposed by the National Assembly Steel Forum with the aim of nationally supporting the strengthening of competitiveness in Korea's steel industry and the transition to green steel technology.
The special bill is based on the following key points: ▲development and implementation of a basic plan for strengthening the competitiveness of the steel industry and carbon neutrality transition ▲selection of core strategic technologies and green steel technologies, and designation of green steel special zones ▲expansion of raw material bases, including power supply chains and steel scrap ▲support for the steel industry in responding to unfair trade practices.
The steel industry is facing a situation where it must push for massive investments required by the demands for carbon neutrality transition, even while experiencing difficulties from ongoing global supply excess.
Furthermore, unlike the recently concluded reciprocal tariff negotiations with the U.S., where mutual tariffs were reduced to 15%, a 50% item tariff on steel remains, adding to the difficulties.
The Korea Iron & Steel Association expects that the special bill will provide an institutional foundation that will enable both strengthening the competitiveness of the steel industry and transitioning to low carbon, and be of practical help in overcoming the crisis.
Lee Kyung-ho, vice president of the Korea Iron & Steel Association, said, "I expect the special bill will be very helpful in strengthening the competitiveness of the steel industry and creating a sustainable industrial foundation."