Seoul: The government will fully support the ailing steel industry's efforts to transition to high-value products, Vice Industry Minister Moon Shin-hak said Tuesday, reiterating the need to overcome a global oversupply of low-end products.
According to Yonhap News Agency, in a meeting with steel industry officials, Moon stated that the government will accelerate the implementation of key policy tasks for the industrywide restructuring. The Ministry of Trade, Industry and Resources highlighted that these tasks include devising detailed plans to adjust the production capacity of items facing oversupply and providing support for the research and development of low-carbon and high-value steel products.
Furthermore, the government plans to actively address trade issues faced by the sector, including the European Union's stronger steel safeguard measures, Moon added. The ministry revealed its intention to formulate a road map for the development of special carbon steel products and the growth of the steel scrap industry by the first half of the year.
Last year, the ministry unveiled its plan to support the steel industry's business restructuring efforts aimed at overcoming a supply glut through a transition to eco-friendly and high-value products.