"Protect Steel!"... Pohang, Gwangyang, and Dangjin Hold Emergency Meeting to Defend National Key Industries Against 'Tariff Bomb'

Prompt Enactment of the K-steel Act Within the Year, Reduction of Industrial Electricity Rates, and Comprehensive Measures for Steel Industry Advancement Discussed
Plans for a Joint Press Conference at the National Assembly and Request for Local Governments and Companies to Join the Ministry of Trade's U.S. Tariff Negotiation Task Force

The cities at the heart of the steel industry have united!

Pohang, Gwangyang, and Dangjin held an emergency meeting to protect the nation's key industries in response to the exclusion of steel from tariff negotiations with the United States.

Pohang, Gwangyang, and Dangjin held an "Emergency Video Conference of Steel Industry City Leaders" on the 3rd. Photo by Pohang City

On the 3rd, amid a grave sense of crisis threatening the very survival of their local economies, the three steel cities convened an "Emergency Video Conference of Steel Industry City Leaders" to discuss government-wide response measures.

Lee Kangdeok, Mayor of Pohang, Kim Jeongwan, Deputy Mayor of Gwangyang, and Hwang Chimhyun, Deputy Mayor of Dangjin, attended the meeting. They shared the current export status and damages in each region following the imposition of high U.S. steel tariffs and focused on discussing joint response strategies to overcome the crisis.

The participants unanimously stated, "The steel industry is a national key industry and the foundation of Korea's manufacturing strength. Pohang, Gwangyang, and Dangjin are the core hub cities, accounting for 93% of the nation's crude steel production." They added, "The imposition of high steel tariffs is a critical issue that will impact the entire national economy, including the automotive industry."

During the meeting, various opinions were exchanged on overcoming the steel industry crisis. Although Korea and the United States reached a tariff agreement, the three cities expressed deep concern that Korean steel products are still subject to a high 50% tariff. They decided to formally propose the following measures to the government and the National Assembly:

▲ Request for active diplomatic negotiations by the government in follow-up talks regarding steel items excluded from the U.S. tariff negotiations ▲ Designation of Gwangyang and Dangjin as "Industrial Crisis Response Areas" to overcome the steel industry crisis ▲ Early designation of Pohang, Gwangyang, and Dangjin as "Employment Crisis Response Areas" due to concerns over worsening employment ▲ Prompt enactment of the "K-steel Act" to protect the steel industry ▲ Preparation of practical and effective measures that companies can feel by consulting with local communities to tailor the "Comprehensive Steel Industry Advancement Plan" to local realities ▲ Easing of the fourth national greenhouse gas emission allowance cap, among other requests to the government.

They also urged the government to prepare comprehensive and effective countermeasures and stressed the need for a forum where local governments, the National Assembly, the government, and local businesses can all participate in discussions.

Furthermore, they emphasized, "To secure price competitiveness against Chinese steel, which receives massive government support, the K-steel Act must include support measures sufficient to offset high tariffs." They added, "We will expand the participation of local governments and companies in the Ministry of Trade, Industry and Energy's U.S. tariff negotiation task force, and, by fostering nationwide consensus and participation, draw active government support for joint responses to the U.S. steel tariff negotiations."

The three cities had previously held an emergency video conference and issued a joint statement in February when the United States imposed a 25% steel tariff.

With the tariff rate now raised to 50% and steel excluded from the Korea-U.S. negotiation agenda, the sense of crisis in the domestic steel industry has reached its peak. The three cities plan to strengthen their cooperative networks with the government, National Assembly, and industry to continue joint actions aimed at enhancing the competitiveness of the steel industry.

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