Deputy Prime Minister for Economy: "Next Week, Basic Supply Chain Plan to be Announced, Anti-Dumping Tariffs Imposed on Steel Industry"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering opening remarks at the Meeting of Ministers Responsible for Strengthening Industrial Competitiveness held at Hanwha Ocean R&D Center in Siheung-si, Gyeonggi-do on the 11th. Photo by Ministry of Economy and Finance

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated, "We will announce the first basic plan next week to enhance the stability of supply chains for key strategic industries such as semiconductors and batteries."

On the 11th, Deputy Prime Minister Choi presided over the Ministerial Meeting on Strengthening Industrial Competitiveness at Hanwha Ocean R&D Campus in Siheung, Gyeonggi Province, where he made this announcement. The basic plan to be unveiled next week will include a three-year plan encompassing the advancement of public stockpiling, expansion of domestic production bases, and diversification of import sources. Given the accelerating global industrial competition, Deputy Prime Minister Choi emphasized his intention to "mobilize all available policy measures."

He then mentioned the steel industry, which is struggling due to low-price competition, stressing, "We will impose anti-dumping duties after a swift investigation." Anti-dumping duties will be imposed on cold-rolled steel from Vietnam as soon as the administrative notice period ends, and the investigation on Chinese carbon steel plates will be completed by March 3, 2025, at the latest. Additionally, Deputy Prime Minister Choi emphasized, "For industries facing difficulties due to global oversupply, such as petrochemicals, we will apply relaxed standards under the Corporate Vitality Act to proactively induce business restructuring."

He warned, "Despite the recent domestic political situation, strengthening industrial competitiveness, which will determine the nation's future, is an essential task that cannot be halted under any circumstances," adding, "If we hesitate even a step, we could immediately fall behind in global competition. This is a matter concerning the survival rights of our companies and citizens."