Yoon Indae, Deputy Minister of Strategy and Finance, and Oh Seungcheol, Director General for Industrial Infrastructure Policy, Visit POSCO
Discussing U.S. Tariff Countermeasures, Strategies to Overcome the Steel Industry Crisis, and Measures to Strengthen Competitiveness
On August 14, Pohang City announced that Yoon Indae, Deputy Minister of Strategy and Finance, and Oh Seungcheol, Director General for Industrial Infrastructure Policy at the Ministry of Trade, Industry and Energy, visited Pohang. They toured the site of POSCO's hydrogen reduction steelmaking demonstration plant and the second steelmaking plant, and held the "Pohang Steel Companies Relay On-site Meeting" with the participation of steel companies.
During the visit, the officials visited POSCO, which has led Korea's industrialization for over 50 years since producing its first molten iron in 1973. They toured the HyREX PR Center and the demonstration plant site within the Hydrogen Reduction Steelmaking Development Center and received a technical briefing. They then inspected the smart manufacturing process at the second steelmaking plant to check on its operations.
The subsequent meeting at Pohang City Hall was attended by representatives from the Ministry of Strategy and Finance, the Ministry of Trade, Industry and Energy, North Gyeongsang Province, related organizations, and six steel companies including POSCO, Hyundai Steel, Dongkuk Steel, and SeAH Steel.
The agenda included: ▲ Progress of trade response in the steel sector ▲ Measures to overcome the crisis in Pohang's steel industry ▲ Listening to company concerns. Participants agreed on the need for close cooperation among the government, local authorities, and companies in the face of a complex crisis, including a deteriorating international trade environment, high tariffs imposed by the United States, and a domestic economic slowdown. They requested government support for trade response in the steel sector and protection of the domestic market.
The city urged the Ministry of Trade, Industry and Energy to designate Pohang as a Preemptive Industrial Crisis Response Area and proposed the early implementation of major projects to strengthen the competitiveness of the steel industry. They also called for the swift enactment of the "Special Act for Strengthening the Competitiveness of the Steel Industry and Transition to Green Steel Technology (K-Steel Act)."
Yoon Indae, Deputy Minister of Strategy and Finance, stated, "Companies are truly at the center of growth," adding, "Based on the voices from the field, we will prepare measures to strengthen competitiveness and provide full support at the government level."
Oh Seungcheol, Director General for Industrial Infrastructure Policy at the Ministry of Trade, Industry and Energy, said, "The crisis in the steel industry is directly linked to national competitiveness," and pledged, "We will reflect companies' opinions and support the acquisition of practical competitiveness."
Mayor Lee Kangdeok commented, "This meeting will serve as an opportunity to further develop the roadmap for responding to the steel industry crisis. I hope that the designation of a Preemptive Industrial Crisis Response Area and support for restoring the competitiveness of steel companies will be actively discussed at the government level."
Relay on-site meetings with government and companies to overcome the steel industry crisis. Provided by Pohang City
Pohang City applied for designation as a Preemptive Industrial Crisis Response Area to the Ministry of Trade, Industry and Energy on July 18 and completed an on-site inspection on August 5.
The final decision on designation will be made in September. If designated, the city will receive a variety of government support measures for two years, including preferential local investment promotion subsidies, interest subsidies, consulting, and employment stability support.
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