Koo Yoon-chul: "Faster Support for Companies Leading Petrochemical Restructuring"

Government Convenes Industrial Competitiveness Meeting to Discuss Restructuring Progress
Emphasizes Speed for Industrial Complexes and Companies
"Last Opportunity" Urged

Koo Yoon-chul, Deputy Prime Minister for Economy and Minister of Economy and Finance, is delivering opening remarks at the "Ministerial Meeting on Economic Affairs, Ministerial Meeting on Price Stability, and Ministerial Meeting on Strengthening Industrial Competitiveness" held on the 4th at the Government Complex Seoul in Jongno-gu, Seoul. (Source: Ministry of Economy and Finance)

On November 4, Koo Yoon-chul, Deputy Prime Minister for Economy and Minister of Economy and Finance, urged all industrial complexes and companies to accelerate their efforts in the domestic petrochemical restructuring process, stating, "Since the deadline the industry itself has promised is fast approaching, I ask that everyone in the sector move quickly." He also mentioned incentives for industrial complexes and companies that are taking the lead in business restructuring.

In his opening remarks at the Ministerial Meeting on Strengthening Industrial Competitiveness, held that morning at the Government Complex Seoul, Deputy Prime Minister Koo stated, "The market is watching closely," emphasizing the urgency of the situation.

He noted, "It is true that the business restructuring efforts of some industrial complexes and companies are still sluggish, which has led to doubts in the market regarding the industry's sincerity," and reiterated, "The end of the year is the golden time." He added, "If the industry wastes this golden time, it will be difficult for the government and creditor financial institutions to remain only as supporters."

The restructuring of the petrochemical sector has recently begun to materialize in the Daesan Industrial Complex since the industry signed a voluntary agreement in August. The financial sector also established a framework for financial support by signing a joint agreement in September.

Deputy Prime Minister Koo stated, "When a ship is tilting, trying to protect only your own cargo can ultimately lead to the ship sinking; we must avoid making this mistake." He promised, "The government will actively support self-rescue efforts and reasonable business restructuring, even if it requires painful sacrifices."

He added, "Those industrial complexes and companies that are the first to pursue business restructuring will receive faster support."

The meeting also discussed plans to advance the steel industry. These plans include an additional 400 billion won in export supply chain enhancement guarantees as follow-up support after the U.S. tariff negotiations, bringing the total financial support to 570 billion won.

Deputy Prime Minister Koo said, "We will establish a special carbon steel research and development (R&D) roadmap within this year, provide large-scale R&D support of 200 billion won for 10 types of special carbon steel by 2030, and accelerate the transition to high value-added and low-carbon production through the development of demonstration technologies for hydrogen-based steelmaking and the creation of AI models specialized for the steel industry."