Gov't unveils steps to support restructuring of steel industry to overcome supply glut
The road map aimed at boosting the competitiveness of the steel industry was unveiled at an economy-related ministers' meeting.
SEATTLE (Scrap Monster): The government will provide additional support to the steel industry for its much-needed transition to high-value and eco-friendly products, the industry ministry said Tuesday, the latest effort to save the ailing sector facing global oversupply and escalating trade protectionism.
The road map aimed at boosting the competitiveness of the steel industry was unveiled at an economy-related ministers' meeting.
Under the plan, the government will support the steelmakers' preemptive measures to adjust the production capacity of items facing oversupply, such as structural steel and steel pipes, under the condition the companies make efforts for 'responsible' management, according to the Ministry of Trade, Industry and Resources.
In addition, the government will bolster its response to major economies' protectionist measures targeting the industry, such as the United States' 50 percent tariffs on all steel imports and the European Union's proposal for new steel safeguard measures.
While continuing negotiations over the protectionist measures, Korea will thoroughly execute the support package for exporters announced in September to minimize damage to local firms, the ministry said.
Courtesy: www.msn.com