Hong Nam-ki Visits Site Amid Rising Rebar Prices... No Mention of Hoarding Measures

Visit to Pyeongtaek Seohae Line Subway Construction Site on the 2nd
Emphasis on Heatwave Measures and COVID-19 Prevention

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 2nd that due to the heatwave causing a decrease in demand and a sharp rise in rebar prices, he plans to include six specialized construction industries, including steel frame and structural construction, in the support targets for SME policy funds and provide additional support. He did not mention measures to regulate hoarding traders.

On the morning of the same day, Deputy Prime Minister Hong visited the 'Seohae Line Double Track Railway Section 5 Construction Site' in Pyeongtaek, Gyeonggi Province. At the site, he checked the status of heatwave measures, COVID-19 quarantine, industrial safety, and rebar supply stabilization measures, and listened to difficulties.

First, regarding the fatalities at construction sites due to inadequate heatwave response, he urged, "Safety of people comes before construction deadlines." He gave special instructions to the management of 166 public institutions with construction sites to inspect compliance with heatwave measures on-site and said they plan to check the implementation status in mid-month. The Ministry of Employment and Labor has issued guidelines to temporarily suspend construction work from 2 to 5 p.m. during heatwaves, and the Ministry of Economy and Finance has exempted liquidated damages for temporary construction stoppages due to heatwaves, urging contracting authorities to respond appropriately.

However, he did not directly mention measures against rebar hoarding. He only stated that the rebar supply stabilization measures announced at the Economic Central Disaster and Safety Countermeasures Headquarters meeting on June 9 are being well implemented. Earlier, just before the Central Disaster and Safety Countermeasures Headquarters meeting in May, the government decided to form a hoarding crackdown team but did not specify concrete penalty standards beyond saying "strict measures will be taken if illegal acts are found."

However, he hinted that in mid-month, six specialized construction industries including steel frame and structural construction, scaffolding, and formwork construction will be added to the SME policy fund support targets for additional support. Specific details will be announced later. He said, "A joint task force (TF) of related ministries is operating to monitor the supply trends of construction materials such as rebar and to devise additional responses."

Meanwhile, Deputy Prime Minister Hong emphasized the need to pay attention to education, quarantine, and vaccination of foreign workers in preparation for the fourth wave of COVID-19.