Seoul:<Text>
Vice Industry Minister Moon Shin-hak on Thursday called on the steel industry to join the country's efforts to stabilize supply chains of key industrial materials amid the Middle East crisis, Moon's office said.
According to Yonhap News Agency, Moon made the request during a meeting with officials from major steel companies, including POSCO Group, Hyundai Steel Co., and Dongguk Steel Mill Co. The gathering was held to assess the supplies of steel, a key industrial material widely used across various industries, amid the ongoing conflict in the Middle East, as reported by the Ministry of Trade, Industry, and Resources.
In the meeting, the Korea Iron and Steel Association noted that the industry is currently experiencing limited impact from the war between the United States and Iran due to its low dependence on Middle Eastern imports and supply chains. However, the industry is facing challenges with higher energy and shipping costs.
<P& gt;Despite a relatively stable supply status, Moon urged the steelmakers to remain vigilant and take proactive measures to prevent any potential supply chain disruptions, as such a situation could have ripple effects across different industries.The vice minister also committed to the government's continued efforts to assist the steel industry in strengthening its fundamental competitiveness amidst challenges like global oversupply and trade protectionist measures from major economies.
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