The so-called "K-steel act" (the special act to strengthen the competitiveness of the steel industry and transition to green steel technology), which designates the steel industry as a national strategic industry for focused support, cleared a National Assembly standing committee on the 21st.
The Trade. Industry Energy. SMEs. and Startups Committee held a full meeting that day and passed the K-steel act with bipartisan agreement. It came two days after the bill cleared the bill review subcommittee of the same committee on the 19th.
The K-steel act was introduced in August by 106 lawmakers from both parties, including Uh Gi-gu of the Democratic Party of Korea and Lee Sang-hwi of the People Power Party, co-chairs of the National Assembly Steel Forum.
It provides the grounds to establish a "special committee to strengthen the competitiveness of the steel industry" chaired by the Chairperson, draw up a basic plan every five years, and offer various fiscal and tax support. The bill drew attention as a rare bipartisan push to revive the steel industry, which has been hit by the United States' 50% high tariff and a surge in exchange rates.
In addition, the committee passed the "special act to strengthen the competitiveness of and support the petrochemical industry" (petrochemical support act) with bipartisan agreement. The petrochemical support act contains provisions for the government to provide necessary financial support to facilitate business restructuring in the petrochemical sector.
The two bills that passed the standing committee that day are expected to go through the Legislation and Judiciary Committee and be handled at a plenary session of the National Assembly as early as the 27th.