Speaking at the 27th Iron Day ceremony held at the Lotte World Hotel in Seoul, Moon noted, "The steel industry has been a core sector that has supported our economy by supplying essential materials for the country's key industries over the past half-century. However, it now faces a triple challenge of export restrictions due to rising protectionism, increased imports of steel products, and domestic market stagnation, all of which demand innovation focused on low-carbon and high-value transitions."
He remarked, "The steel industry has a remarkable history of starting from barren land to achieving world-class competitiveness. The government will spare no policy support to ensure that the industry's continuous challenges and innovations lead to tangible results."
Specifically, he stated, "We will focus on research and development (R&D) and tax support for the low-carbon and high-value structural transition of the steel industry." He mentioned plans to invest 780 billion won in hydrogen-reduction steelmaking technology development and 200 billion won in special carbon steel technology development over the next five years, while designating new growth source technologies to support ongoing technological innovation.
Additionally, he emphasized the introduction of a certification system tailored to domestic conditions for the low-carbon transition and the establishment of stable market creation measures to expand the related market. He also pledged to focus on improving the quality of scrap metal, a key raw material for carbon neutrality, and to designate and nurture companies specializing in recycling iron resources.
Regarding trade policy, Moon stated that the government is actively negotiating to secure as much of the European Union's steel quota (TRQ) as possible, which is set to take effect next month. He added that in response to the spread of global trade barriers, the government will strategically activate various trade channels to ensure competitiveness and will take strict trade remedy measures against unfair imports.
Moon also mentioned that to improve the steel industry's structure and competitiveness, the government will support voluntary business restructuring efforts by companies through special provisions in the Fair Trade Act related to joint actions and information exchange as reflected in the Steel Industry Act. He assured that the government would maintain constant communication and support with the industry.
During the ceremony, government awards were presented to 31 individuals for their significant contributions to the development of the steel industry. Park Hoon, CEO of Husteel, received the Silver Tower Industrial Medal for his contributions to the advancement of technology in the steel pipe sector, overseas market development, and revitalization of the local economy. The Bronze Tower Industrial Medal was awarded to Kim Dong-hee, Vice President of POSCO, for leading improvements in labor competitiveness through maintaining a tradition of no disputes between labor and management and establishing a cooperative system through social contribution activities.
Other awards included the Industrial Medal for Kim Dong-hoon, Vice President of Korea Steel, the Presidential Citation for Kim Yong-hee, Executive Director of Hyundai Steel, and the Prime Minister's Citation for Jo Jin-seok, General Manager of SeAH Changwon Special Steel, and Jeong Ji-in, Senior Researcher at the Korea Industrial Technology Planning and Evaluation Agency.
* This article has been translated by AI.
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