Steel and Shipbuilding Industries Sign Business Agreement for Win-Win Cooperation

Night view of Samsung Heavy Industries Geoje Shipyard. The photo is not directly related to the article. Photo by Samsung Heavy Industries.

The Korea Iron & Steel Association and the Korea Shipbuilding & Offshore Plant Association signed a memorandum of understanding (MOU) and held a seminar on the 28th at the Trade Tower in Gangnam-gu, Seoul, to seek win-win cooperation and mutual development between the steel and shipbuilding industries.

The event was attended by about 50 people, including representatives from the steel and shipbuilding industries and government officials. There was a congratulatory message (in writing) from Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, celebrating the cooperation between the two industries.

Through the signing of the MOU, it was agreed to regularly hold joint seminars to share information and explore mid- to long-term cooperation plans, and to strengthen cooperation on activities recognized as necessary by both industries for win-win cooperation and mutual development, such as joint research projects.

Following the MOU signing ceremony, at the joint seminar for the steel and shipbuilding industries, Han Young-soo, Senior Research Fellow at Samsung Securities, gave a presentation titled "Industry Outlook of the Shipbuilding Industry and the Impact of Strengthened Environmental Regulations," discussing trends in the shipbuilding industry and prospects for the increasingly stringent environmental regulations.

Lee Yoon-hee, Research Fellow at POSCO Research Institute, presented on "Changes in the Global Business Environment and Development Strategies for the Korean Steel Industry," addressing current issues facing the steel industry and emphasizing the importance of creating a decarbonized ecosystem and win-win cooperation to overcome these challenges.

Subsequently, there was a presentation by Jung Eun-mi, Head of the Industrial Research Institute, the research agency conducting the project, on the promotion plan for the "Strategic Cooperation Plan for Win-Win between the Steel and Shipbuilding Industries," which was planned as part of the development strategies for the steel and shipbuilding sectors recently announced by the Ministry of Trade, Industry and Energy, to build consensus between the two industries.

Meanwhile, Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, said in his congratulatory message, "Despite the challenging industrial conditions this year, including global economic uncertainties and the transition to eco-friendly industries, and the temptation to be swayed by immediate gains and losses, I find it very encouraging that you have gathered here for win-win cooperation. The government will also spare no support for the development of these two industries."

Byun Young-man, Vice Chairman of the Korea Iron & Steel Association, stated, "Given that steel and shipbuilding have grown as indispensable upstream and downstream industries amid rapidly changing and uncertain conditions, win-win cooperation is more important than ever. I hope that this win-win agreement ceremony and joint seminar will serve as an opportunity to wisely overcome the difficult times ahead and develop together."

Jung Seok-ju, Executive Director of the Korea Shipbuilding & Offshore Plant Association, emphasized, "To meet the demands of the industrial transformation, the related industrial ecosystem must respond in unison under national-level strategic planning and support. I look forward to today’s event being a strong step toward preparing a future where the shipbuilding and steel industries work together, and we will spare no support for efforts toward cooperation and win-win development between the two industries."

Meanwhile, the Korea Iron & Steel Association and the Korea Shipbuilding & Offshore Plant Association plan to seek continuous cooperation measures, including promoting joint research projects following the MOU signing, and will hold another seminar in the second half of this year.