Seoul: The government will do its "utmost" to respond to the United States' 50 percent tariffs on all steel imports and devise measures to boost the competitiveness of the local industry in the long term, the industry minister said Monday. "Steel is the 'rice' of the industry and a core sector that directly impacts the national security," Industry Minister Ahn Duk-geun said in his congratulatory speech marking the 26th anniversary of the day of the steel industry.
According to Yonhap News Agency, the government has been working to devise measures to support the local steel industry amid global trade uncertainties. One such measure includes requiring a mill test certificate, which contains detailed information on the product's country of origin, for all steel imports as part of efforts to prevent trade circumvention.
The ministry said it will also help Korean steel companies bolster their competitiveness by supporting the transition to low-carbon steelmaking processes and fostering a market for low-carbon steel products. Last month, South Korea's steel exports declined 12.4 percent from a year earlier to US$2.6 billion, with shipments to the U.S. plunging 20.6 percent due to the U.S. import tariff.