Lee Chang-yang "No Consideration for Punishing POSCO Management... Prioritizing Supply-Demand Normalization"

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy attended the plenary meeting of the Industry, Trade, Industry, and Small and Medium Venture Business Committee held at the National Assembly on the 19th and is seen talking with First Vice Minister Jang Young-jin. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, recently stated regarding the flooding damage at POSCO Pohang Steelworks caused by Typhoon No. 11 'Hinnamnor' that "there is no consideration of holding the management accountable."

On the 19th, at the plenary session of the National Assembly's Industry, Trade, and Small and Medium Venture Business Committee, Minister Lee said, "The Ministry of Industry's biggest concern is the impact on the supply and demand of steel products," adding, "We are not currently considering holding management accountable, nor are we interested in governance issues."

He continued, "Three steel types?electrical steel sheets, stainless steel, and wire rods?are produced only at the Pohang Steelworks, and current inventory is estimated to cover 3 to 6 months," emphasizing, "If production disruptions continue, it could affect automobile production, including electric vehicles, so our primary goal is to normalize supply and demand."

However, Minister Lee pointed to the flooding of the nearby river, Naengcheon, as the main cause of the Pohang Steelworks flooding, while expressing some disappointment with POSCO's typhoon preparedness level.

He said, "Since there were many prior typhoon warnings, companies had more time to prepare in advance, so there is some regret that stronger preparations should have been made," adding, "We will review response measures for such unforeseen situations in the future and actively consider designating preemptive industrial crisis response zones."

Minister Lee also stated, "Currently, all the plants producing molten iron are operating, but among the 18 plants producing products, only about one is in operation," and added, "I understand POSCO plans to operate most of its plants by the end of December."

He further explained, "It takes several months to re-import transformers for the hot rolling mill from Japan," and "Since all motors were soaked in water, there is still uncertainty about how long the restoration process will take."

Earlier, on the 6th, due to heavy rain from the typhoon and the flooding of Naengcheon, most areas of the POSCO Pohang Steelworks were submerged, causing all three blast furnaces to stop operating for the first time in 49 years.

This content was produced with the assistance of AI translation services.