Facing EU tariff hikes, global steel overcapacity, and rising energy costs, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has unveiled a strategic policy plan to support its steel industry.
Key measures include:
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Financial support for steelmakers and incentives to transition to low-carbon production
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Reforms to steel import rules to protect domestic producers from unfair trade
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A new Steel Export Supply Chain Strengthening Guarantee
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A “Steel Industry Advancement Plan” (to be finalized in October) with actions to:
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Establish product-specific responses to global oversupply
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Strengthen antidumping and safeguard mechanisms
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Set low-carbon standards and offer incentives for greener steel
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Boost investment in hydrogen-based reduction and high-value steel
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These initiatives aim to strengthen Korea’s competitiveness amid tightening EU import rules, which cut tariff-free quotas and double tariffs to 50%.
VietnamSteel by Hoa Sen Group
