The government will draw up an industrial upgrading strategy, including about 400 billion won in financial support, to strengthen the competitiveness of the steel industry, which is struggling amid the spread of global protectionism.
The Ministry of Trade, Industry and Energy said Vice Minister Mun Sin-hak visited Incheon Port on the 9th, the last day of the Chuseok holiday, to inspect export logistics operations and listen to difficulties facing the steel industry.
At the SUN KWANG New Incheon Port SUN KWANG New Container Terminal, Vice Minister Mun said, "Even amid challenging external conditions, including the United States' high tariff, our exports have continued to rise for four consecutive months," adding, "This is the result of corporations' efforts to diversify markets and enhance competitiveness."
Vice Minister Mun then moved to Pier 6 in the inner port of Incheon to inspect the loading site for section steel exports by Hyundai Steel. The steel industry is currently facing difficulties due to intensifying export barriers, including a 50% tariff by the United States; safeguards by major countries such as Canada and India; and moves to replace and strengthen the European Union's existing safeguard measures.
Vice Minister Mun said, "Including the creation of a new 'steel export supply chain reinforcement guarantee product' that can deliver support totaling about 400 billion won through joint efforts by steel corporations, financial institutions, and policy finance institutions, we will continue to identify measures to resolve difficulties faced by steel exporters."
He added, "We plan to announce within this month, jointly with relevant ministries, a 'steel industry advancement plan' that includes item-by-item strategies to respond to global oversupply, strengthened trade defense against unfair imports, expanded investment in low-carbon and high–value-added transitions such as hydrogen direct reduction steelmaking and special carbon steel, and reinforced safety management and win-win cooperation."
Meanwhile, the ministry said it inspected the computer facilities and emergency response systems of its affiliated public institutions following a recent fire incident in the National Resource Information System.
The Korean Security Agency of Trade and Industry (KOSTI) checked the restoration status of the strategic goods management system and corporations' difficulties, while the Korea Gas Corporation and the Korea National Oil Corporation (KNOC) strengthened readiness for stable operations by inspecting the gas supply network and the stockpile control system, respectively.