Europe CBAM and US Presidential Election... Public and Private Sectors Overcome Adverse Factors in K-Steel Exports
On the morning of the 14th, the Ministry of Trade, Industry and Energy announced that it held a 'Steel Export and Import Issues Meeting' chaired by the Director of the Industrial Supply Chain Policy Division at the Korea Iron & Steel Association's main conference room with major steel companies.
This meeting was organized to review the difficulties faced by the steel industry regarding export and import risks amid the ongoing and intensifying protectionist measures targeting steel by various countries, and to seek joint public-private response measures. Attendees from the steel industry included POSCO, Hyundai Steel, KG Steel, Dongkuk Steel, Dongkuk CM, SeAH Steel, TCC Steel, and Aju Steel.
Since January, the European Union (EU) has mandated reporting of embedded carbon emissions when exporting steel products to the EU under the Carbon Border Adjustment Mechanism (CBAM). The participants shared progress on responses to this requirement and discussed areas for improvement. Additionally, they forecasted the impact of domestic and international changes, such as the U.S. presidential election, on Korea's steel exports and imports.
Based on the industry's opinions raised during the meeting, the Ministry of Trade, Industry and Energy plans to prepare measures to overcome export and import risks. The first Steel Export and Import Issues Working Group will be held within this month, and in April, joint government briefings on EU CBAM responses will be conducted by region.
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Yoon Seong-hyeok, Director of the Industrial Supply Chain Policy Division, stated, "The global steel industry is facing challenging conditions due to oversupply, weak demand, carbon neutrality efforts, and various trade barriers. The government will actively respond to trade issues affecting our steel industry and support enhancing fundamental competitiveness, including the development of carbon-neutral steel technologies."
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