'K-Steel Act' Passed at Plenary Session
Includes Support Measures Such as Low-Carbon Steel Certification System
Chulhyun Joo, a member of the National Assembly from the Democratic Party of Korea (Yeosu-si Gap), expressed strong support on the 27th for the passage of the "K-Steel Act" in the National Assembly plenary session, and urged that the "Special Act on the Petrochemical Industry" must also be processed at the plenary session scheduled for December 2.
On this day, the National Assembly passed the "Special Act for Strengthening the Competitiveness of the Steel Industry and Transition to Carbon Neutrality (K-Steel Act)" at its plenary session.
The K-Steel Act, proposed by six lawmakers from both the ruling and opposition parties, including Kim Won-i and Kwon Hyangyeop from South Jeolla Province, aims to support the domestic steel industry, which is facing a complex crisis due to increased trade uncertainties such as tariffs, a surge in imports caused by global oversupply, and the strengthening of carbon trade regulations.
Chulhyun Joo, member of the Democratic Party of Korea.
The K-Steel Act includes the implementation of a low-carbon steel certification system, designation of low-carbon steel special zones, shortening of the business combination review period, exceptional permission for joint activities, and allowances for information exchange to prepare for business restructuring. These are special provisions under the Monopoly Regulation and Fair Trade Act, all designed to strengthen the competitiveness of the steel industry and support its transition to carbon neutrality.
Regarding this, Assemblyman Joo stated, "I strongly welcome the swift passage of the K-Steel Act in the National Assembly," and evaluated, "Given that it is difficult for individual companies to bear the financial and technological burdens required for a major transformation of the steel industry through their own investments, a national-level support system has now been established."
Meanwhile, the "Special Act on the Petrochemical Industry," which Assemblyman Joo sponsored, passed both the National Assembly's Industry, Trade, and Energy Committee and the Legislation and Judiciary Committee along with the K-Steel Act, but was not brought to the plenary session on this day. Due to opposition from the People Power Party, it was not included in the agenda and is expected to be processed at the plenary session scheduled for December 2.
Assemblyman Joo commented on this, saying, "The Special Act on the Petrochemical Industry was jointly sponsored by lawmakers from both parties, including myself, and it swiftly passed the Industry, Trade, and Energy Committee and the Legislation and Judiciary Committee through bipartisan agreement. It is very regrettable that it was not brought to the plenary session due to opposition from the People Power Party." He emphasized, "In order to expedite the recovery of competitiveness in the petrochemical industry, it must be processed without fail at the next plenary session."
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