[Column] After Demanding Steel Renegotiation from the US... Government's 'POSCO Passing'

[Sejong=Asia Economy Reporter Kwon Haeyoung] On the 22nd, at the Ministry of Trade, Industry and Energy press room in the Government Complex Sejong, Yeohangu, head of the Trade Negotiations Bureau at the Ministry of Trade, Industry and Energy, briefed on the results of the Korea-US trade ministers' meeting held in Seoul for the first time in 10 years. One of the main points of the briefing was that the US, which restricts imports of foreign steel, was urged to resolve the 'Steel Section 232' issue. Director Ye mentioned 'steel' as many as seven times in his opening remarks alone.

However, looking at the companies participating in the 'Public-Private Cooperation Session' held immediately after the Korea-US trade ministers' meeting on the 19th, the government's strong will for steel negotiations, which was emphasized throughout the briefing, seems doubtful. Each government selected three domestic companies to participate in this event; on our side, Samsung Biologics, CJ, and the Korea International Trade Association attended, while on the US side, General Motors (GM), 3M, and FedEx participated. It was a good opportunity to invite POSCO or Hyundai Steel so that the government and companies could act as one team and repeatedly explain the position of our steel industry to Representative Tai, but these companies were not found on the list.

Initially, the Ministry of Trade, Industry and Energy tried to include POSCO in the Korea-US public-private cooperation session but reportedly excluded it at the last minute. There are interpretations that the government felt burdened by the Korean steel industry's demand for the abolition of Steel Section 232 in front of the US trade minister visiting Korea for the first time in 10 years. It is also heard that the steel industry tried to deliver a joint statement demanding the resolution of Steel Section 232 to Representative Tai, but the ministry blocked it. Considering the government's passive moves like this, it is doubtful whether there is any real will to resolve the US steel export restriction measures.

In the US, steel demand is surging, causing prices to soar. There are also considerable voices locally advocating for increasing imports of foreign steel. The European Union (EU), which had filed a complaint against the US at the World Trade Organization (WTO), has reached a steel agreement with the US, and Japan has started negotiations. No matter how weakened the administration is near its end, our trade authorities are nowhere to be seen. Rather than superficial events such as hollow briefings, it is time for trade strategies and policies where the government and companies move as one team.