Seoul: South Korea's industry ministry announced Tuesday that the government plans to introduce a comprehensive strategy to rejuvenate the domestic steel industry within the first half of the year, in response to ongoing challenges, including oversupply from China.
According to Yonhap News Agency, the decision follows the recent establishment of a task force made up of government, industry, and academic representatives tasked with formulating strategies for the steel sector. This initiative comes as South Korea's steel exports reached US$33.29 billion in 2024, marking a 5.4 percent decline from the previous year. The decrease is attributed to a global construction market downturn and falling export prices.
Industry Minister Ahn Duk-geun emphasized during a meeting with industry officials that the steel sector faces a challenging environment and stressed the need for preparations for the coming decade based on past experiences. Ahn also mentioned that the government will engage in real-time communication with the steel industry to brace for the upcoming second Donald Trump administration's policies later this month.
In efforts to anticipate uncertainties in U.S. trade policies under the new administration, the industry minister visited the United States last week to hold discussions with government officials and lawmakers.