The People Power Party's leadership visited POSCO on the 5th and noted that they would push for the introduction of the 'Steel Industry Support Act.' They emphasized that to overcome the crisis in the steel industry caused by the strengthening of protectionism in the United States and China's low-cost offensive, they would include measures such as expanding the national strategic technology tax credit rate in a comprehensive support plan.
The leadership, including Representative Kweon Seong-dong, held a field meeting at the POSCO Pohang Steelworks on the same day to look into the difficulties faced by the domestic steel industry. The industry is concerned about the deteriorating export environment due to the Trump administration's announcement of an additional 25% tariff on imported steel products, among other issues. They are also facing a problem of decreased competitiveness due to the oversupply of low-cost steel products from China. There are also many voices calling for the establishment of an eco-friendly steel production system, including carbon-neutral technology.
During the meeting, Representative Kweon noted the crisis situation in the steel industry and promised support from the National Assembly, including the 'Steel Industry Support Act.'
Representative Kweon emphasized, "The steel industry is very difficult these days. Various crises, such as the 25% tariff from the Trump government in the U.S., global supply excess, and pressures for low-carbon transition, are occurring simultaneously. As it is a key national industry, national-level protection and support are absolutely necessary."
He added, "While a consensus on support for the steel industry has been formed in the National Assembly, the support bills are scattered. I will consider the prompt introduction of a steel industry support bill that consolidates various supports, including expansion of national strategic technology, basic technology tax credit rates, and expanding origin regulations to strengthen the domestic steel supply chain."
He emphasized that, in addition to short-term responses such as the government's task force to strengthen steel industry competitiveness and the imposition of anti-dumping tariffs, a long-term production system, including the development of carbon-neutral technology, must be established.
Representative Kweon added, "We should also provide institutional support for research and development (R&D) and investment in demonstration and commercialization facilities for carbon-neutral technology, like Japan and the EU. Fortunately, the feasibility study for the Korean-style hydrogen reduction steel demonstration technology development project will be completed in the first half of this year. The total project cost is expected to be 885 billion won, with budgeting anticipated to start in the first half of next year."
Kim Sang-hoon, chair of the Policy Committee, said, "In fact, the 25% tariff from the United States has not been fully imposed yet, but exports are already continuing to decline," and noted that "I will work with the government to present solutions regarding the domestic processing and export of Chinese steel and the issues concerning foreign workers."