"Introduction of Hydrogen Reduction Steelmaking Requires Active Investment and Tax Support"
Visiting Minister of Industry Bang Moon-gyu Holds Friday Night Meeting with Steel Industry
Visiting Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy held the '3rd Friday Morning Meeting' on the morning of the 8th at Conference House Dalgaebi in Seoul, attended by key figures from the steel industry's industry, academia, and research sectors, to discuss major issues and response measures for the steel industry. The 'Friday Morning Meeting' refers to the 'Friday breakfast meeting to revive the spark of economic growth,' and this was the third session.
At the meeting, industry representatives such as Kim Hak-dong, Vice Chairman of POSCO; Seo Kang-hyun, President of Hyundai Steel; Choi Sam-young, Vice President of Dongkuk Steel; Lee Hwi-ryeong, Vice Chairman of SeAH Steel; and Byun Young-man, Vice Chairman of the Steel Association attended. Experts including Jung Eun-mi, Head of the Growth Engine Industry Research Division at the Korea Institute for Industrial Economics and Trade, Min Dong-jun, Professor at Yonsei University, and Baek Jae-seung, Analyst at Samsung Securities, also participated to share their opinions.
The steel industry is facing various challenges such as the European Union (EU) Carbon Border Adjustment Mechanism and other strengthened carbon regulations, increased inflow of low-priced imports, and intensified competition in carbon-neutral technologies. At this meeting, steel industry participants discussed the challenges and response strategies for the steel industry. Attendees unanimously agreed on the need for the introduction of carbon-neutral technologies such as hydrogen reduction steelmaking, as well as active investment and tax support to respond to domestic and international carbon reduction demands and sluggish global demand.
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Minister Bang Moon-kyu stated, "Our steel industry is facing various challenges such as strengthened global carbon regulations and changes in demand industries," adding, "We plan to support the steel industry in various ways so that it can further advance as a low-carbon, high value-added advanced materials industry."
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