Facing mounting challenges from US tariffs, cheap Chinese imports, and carbon neutrality demands, South Korea has introduced the K-Steel Act — a sweeping legislative initiative backed by 106 lawmakers across party lines.
🏭 The country’s steel industry is a major economic pillar, contributing 4.8% of national output and supporting 430,000+ jobs. Lawmakers warn that without urgent action, the entire industrial ecosystem — including shipbuilding and EV manufacturing — could be at risk.
🔍 What’s in the K-Steel Act?
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Financial Support: Subsidies, low-interest loans, tax breaks for companies adopting hydrogen-based and low-emission technologies
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Green Steel Zones: Special industrial areas with fast-tracked permitting for sustainable steel production
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Trade Defense: Tighter import controls and stronger tools against unfair foreign competition
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Government Intervention Powers: Regulatory and financial backing during restructuring — including temporary antitrust exemptions for essential mergers
With global trade headwinds intensifying — including the EU’s upcoming Carbon Border Adjustment Mechanism (CBAM) — this bill could be critical to keeping Korean steel competitive on the global stage.
VietnamSteel by Hoa Sen Group
