Korea-Japan Steel Industry "Trade Conditions Not Easy... Mutual Cooperation Needed"

The 17th Korea-Japan Steel Council held in Tokyo, Japan, in December 2016. Photo by Korea Iron & Steel Association

On the morning of the 19th, the Ministry of Trade, Industry and Energy held the '21st Korea-Japan Public-Private Steel Council' meeting with Japan's Ministry of Economy, Trade and Industry at the Lotte Hotel in Busan.

The Korea-Japan Public-Private Steel Council is a regular communication channel between the Korean and Japanese steel industries that was launched in 2001. It was suspended for about four and a half years from 2019 and resumed last May.

At the meeting, government and industry officials from both countries, including the Ministry of Trade, Industry and Energy and Japan's Ministry of Economy, Trade and Industry, attended. On the Korean side, 37 representatives from POSCO, Hyundai Steel, Dongkuk Steel, Dongkuk CM, SeAH Holdings, and the Korea Iron & Steel Association participated, while 19 representatives from JFE Steel, Nippon Steel Corporation (NSC), Kobe Steel, NSSC, the Japan Special Steel Association, and the Japan Stainless Steel Association attended from the Japanese side.

The attendees shared trends in the Korea-Japan steel industry and discussed directions for responding to common concerns such as carbon regulations and trade issues. In particular, both sides confirmed that trade conditions remain challenging due to sluggish steel demand, persistent oversupply, and geopolitical factors, and agreed on the necessity of mutual cooperation.

Furthermore, they agreed to strengthen cooperation in securing key carbon-neutral raw and fuel materials such as steel scrap and green hydrogen, developing carbon reduction technologies, and establishing international standards for low-carbon steel.

Both sides plan to continue detailed discussions at the 2nd Korea-Japan Green Steel Joint Seminar scheduled for the second half of this year. A Ministry of Trade, Industry and Energy official stated, "We agreed that cooperation between Korea and Japan is even more necessary given the challenging conditions in the steel industry. Since the steel industries of both countries share a significant portion of their positions on major issues, we will continue to identify areas for cooperation."