People Power Party Visits POSCO, Urges Prompt Proposal of Steel Industry Support Act

Expansion of Technology Tax Credits and Origin Regulations Included

The People Power Party announced on the 5th that it will consider proposing the Steel Industry Support Act, which includes expanding the national strategic technology tax credit rate and expanding origin regulations to strengthen the domestic steel supply chain.

Kwon Seong-dong, the floor leader of the People Power Party, visited POSCO Pohang Steelworks on the same day and said, "Several crises are occurring simultaneously, such as the 25% tariff imposed by the Trump administration in the United States, global oversupply, and pressure for low-carbon transition," emphasizing, "As it is a national key industry, protection and support at the national level are absolutely necessary."

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Although a consensus on supporting the steel industry has been formed in the National Assembly, since the support bills are scattered, the party intends to promptly propose a comprehensive bill.

Regarding the government's decision to impose a provisional anti-dumping tariff of up to 38% on Chinese steel plates, it was evaluated as "an appropriate measure to respond to the low-price offensive of Chinese steel and to protect the domestic industry."

Floor leader Kwon said, "It is necessary to respond institutionally to the rapidly changing trade order, but in the mid to long term, improving technological capabilities is important," and urged, "We also need to institutionally support research and development (R&D), demonstration, and commercial facility investment in carbon-neutral technologies, like Japan and the European Union (EU)."