"Forming a Public-Private Consultative Body for Joint Response"... Andeokgeun, Minister of Industry, Holds Meeting with Steel Industry Representatives

A 'Steel Industry Meeting' was held on the 22nd at the Korea Technology Center Grand Conference Room in Gangnam-gu, Seoul, attended by Anduk Geun, Minister of Trade, Industry and Energy. The event was attended by Lee Si-woo, President of POSCO; Seo Kang-hyun, President of Hyundai Steel; Yang Young-joo, CEO of SeAH Holdings; Park Sung-hee, President of KG Steel; Park Sang-hoon, CEO of Dongkuk CM; Hong Sung-man, President of Nexteel; Son Ki-young, President of TCC Steel; Kwon Nam-hoon, President of Korea Institute for Industrial Economics and Trade; Park Hyun-sung, President of POSCO Research Institute; and Lee Kyung-ho, Vice Chairman of the Korea Iron & Steel Association. (2024.11.22) Provided by the Ministry of Trade, Industry and Energy

On the 22nd, the Ministry of Trade, Industry and Energy held a meeting with the steel industry at the Korea Technology Center, attended by Minister An Deok-geun, to understand the impact of the new U.S. administration's major trade policies on the Korean steel industry and to discuss response strategies.

The steel industry has been operating a 'quota system' under the Korea-U.S. bilateral agreement since 2018, making it one of the sectors closely watched for potential changes with the new administration's inauguration. Under the quota system, 25% tariffs are exempted on 2.63 million tons of 54 steel products exported from Korea to the U.S.

In his opening remarks, Minister An stated that since the steel industry experienced a significant change with the introduction of the quota system in 2018, the industry is likely to have considerable concerns about policy changes under the new administration. However, if the industry and government work as a 'one team' and prepare thoroughly, it could rather become an opportunity.

The attendees agreed that since the impact of U.S. policy changes varies by detailed product categories such as plates and pipes in the steel industry, it is necessary for the government and industry to establish a public-private consultative body to closely monitor local trends and to develop detailed response strategies based on various scenarios.

At the meeting, representatives from the steel industry including POSCO, Hyundai Steel, SeAH Holdings, KG Steel, Dongkuk CM, Nexteel, TCC Steel, and the Korea Iron & Steel Association participated. Meanwhile, Minister An Deok-geun met with the automobile and battery industries on the 13th, and this week also met with executives from the semiconductor, shipbuilding, and steel sectors.