Tel :
Tel :
On August 4, NK K/A47 steel South Korea's National Steel Assembly Forum announced that it has formally proposed the introduction of the "Special Act on Strengthening the Competitiveness of the Steel Industry and Transforming to Green Technology" (K-Steel Act) to support the transformation and upgrading of the country's steel industry and promote green and low-carbon development.
The bill, jointly proposed by 106 lawmakers from both the ruling and opposition parties, aims to strengthen the steel industry's position as a pillar of manufacturing and accelerate the research and development and application of green steel technologies. NK K/A47 steel Key elements of the bill include the establishment of a dedicated committee to coordinate the industry's transition to carbon neutrality and encourage investment in green steel technologies through policies such as subsidies, loans, and tax breaks.
The bill also proposes strengthening trade protection measures to prevent imported steel from impacting the domestic market through "relocation" or "circumvention" practices. For example, between June and July, South Korea investigated and prosecuted several cases of attempts to circumvent anti-dumping duties by disguising Chinese hot-rolled thick steel plates as other products. NK K/A47 steel These plates were subject to provisional anti-dumping duties ranging from 27.91% to 38.02% starting April 24 and effective until August 23.
The Korea Trade Commission (KTC) announced on July 24 that it would launch new temporary anti-dumping measures on hot-rolled steel products from China and Japan, with tariffs ranging from 28.16% to 33.57%.
The Korea Iron and Steel Association (KOSA) pointed out: "Against the backdrop of intensified protectionism in major countries and global steel oversupply, this special bill reflects the country's high attention to the green transformation of the steel industry and the improvement of its international competitiveness." The association also stated that although the recent tariff negotiations between South Korea and the United States have reduced tariffs in areas such as automobiles to 15%, the 50% tariff on steel products has not been adjusted, and export pressure will remain in the short term.
In response, South Korean Minister of Trade, Industry and Energy Kim Jong-kwan emphasized that South Korea will continue to strengthen cooperation with the United States in key areas such as ships, automobiles, semiconductors, and biotechnology, and promised to introduce supporting support measures, including resolving export barriers, developing alternative markets, and providing tax and financial support.
It is worth noting that the special bill also proposes to establish a "Green Steel Special Zone" to promote the cluster development of core strategic technologies and green processes, and strengthen raw material guarantees, including the power supply chain and scrap steel resource system.
This legislative initiative echoes the South Korean government's approval of the Hydrogen Metallurgy Project in June: a project with a total investment of 814.6 billion won (approximately US$600 million) to develop hydrogen-based steelmaking technology and build a demonstration plant between 2026 and 2030. POSCO announced on July 31 that its independently developed HyREX hydrogen reduction steelmaking process will be used in the plant, which is scheduled to begin operations in 2028.
