Pohang City's Steel Industry Technology Development Project Receives Green Light with Preliminary Feasibility Study Approval
Selected as a 'Preliminary Feasibility Study Preferred Project' Recognized for R&D Project Relevance by the Ministry of Science and ICT
[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] The 'Steel Industry Re-advancement Technology Development Project' promoted by Pohang City has been selected as a preferential project for the government's preliminary feasibility study, raising hopes in the local steel industry.
According to Pohang City on the 20th, the 'Pohang Regional Steel Industry Re-advancement Technology Development Project' has been undergoing procedures since it was selected as a target for the government's preliminary feasibility study in the fourth quarter of last year.
In this situation, recent good news has been delivered that this project was recognized for its relevance to the Ministry of Science and ICT's materials, parts, and equipment-related R&D projects and was selected as a 'preferential preliminary feasibility study project.' If the project passes the government's preliminary feasibility study and proceeds normally, a total of 289.8 billion KRW (national funds 202.7 billion, local funds 12.4 billion, private funds 74.7 billion) will be invested over five years starting next year.
With the completion of the 'High-Quality Steel Pipe Testing and Certification Center' in the Pohang Blue Valley National Industrial Complex, and the smooth progress of the East Coast Steel Belt Competitiveness Enhancement Project (4 billion KRW over 6 years) and the Strategic Industry Leading Company Development Project (7.8 billion KRW over 6 years), it is expected to bring a breath of fresh air to the stagnated related industries. The 'High-Quality Steel Pipe Testing and Certification Center' has been under construction since 2017 with a project cost of 20.4 billion KRW (national funds 10 billion, local funds 10.4 billion) and is scheduled to be completed next month.
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Song Kyung-chang, Vice Mayor of Pohang City, stated, "Period industries like the steel industry find it difficult to regain competitiveness even after investing a lot of time and effort once competitiveness is lost," adding, "With the final approval of the steel preliminary feasibility study project, we will do our best to strengthen the global competitiveness of small and medium steel companies facing difficulties and serve as a catalyst to overcome the crisis."
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