![Industry Minister Kim Jung-gwan and SME Minister Han Sung-sook review documents at a National Assembly meeting on Sept. 25. [Yonhap]](https://image.ajunews.com/content/image/2025/11/21/20251121111936620706.jpg)
SEOUL, November 21 (AJP) - Special legislation designed to bolster South Korea’s steel and petrochemical industries cleared a key parliamentary committee on Friday, paving the way for final approval next week.
The National Assembly's Industry, Trade and Energy Committee passed the so-called K-Steel Act and the Petrochemical Support Act with bipartisan backing. The measures, which advanced through a subcommittee on Nov. 19, are expected to win passage in a full National Assembly vote on Nov. 27.
The K-Steel Act aims to strengthen the sector’s competitiveness as it confronts steep U.S. tariffs, cheaper Chinese imports and mounting pressure to cut emissions. The bill, introduced in August by 106 lawmakers, also includes provisions supporting South Korea’s carbon-neutrality goals.
The Petrochemical Support Act would provide financial assistance to domestic petrochemical companies struggling to maintain profitability amid intensifying global competition.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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