Trade, Industry and Energy First Vice Minister Jang Young-jin, front right, and POSCO Group Chairman Choi Jeong-woo, front left, as well as members of the Korea Iron & Steel Association enter a conference room to celebrate the 23rd Steel Day at POSCO Center in Gangnam District, southern Seoul, Thursday. Courtesy of Ministry of Trade, Industry and Energy
By Lee Kyung-min
The industry ministry stressed the need for steelmakers to seek mutual growth with their manufacturing peers, including carmakers and shipbuilders, Thursday, advising steel firms to refrain from raising their prices despite spiking global commodity prices.
The private-led business drive will be backed by government assistance, especially for the steel industry instrumental to generating and sustaining economic growth after the COVID-19 pandemic and beyond, according to Trade, Industry and Energy First Vice Minister Jang Young-jin.
The slew of adverse global business conditions notwithstanding, continued innovative efforts to develop new products and upgrade manufacturing processes overall will spell new growth opportunities, generating much-needed momentum to weather the challenges posed by heightened global trade uncertainties and carbon neutrality requirements, he added.
The comment was made during a ceremony held to celebrate the 23rd Steel Day at POSCO Center in southern Seoul, Thursday, attended by officials of the Ministry of Trade, Industry and Energy and members of the Korea Iron & Steel Association.
The annual event was first held in 2000 to commemorate June 9, 1973, when POSCO, Korea's main steel giant, first produced molten iron domestically at the Pohang Iron & Steel Mill.
Soaring raw material costs around the world pose grave challenges to local steelmakers, already reeling from the ongoing pandemic-induced global supply chain disruptions, Jang said.
However, the adversity can and will be overcome, in his view, by the collective and unified efforts of the industry to make long-term, quality-oriented investments, a pre-emptive strategy underpinned by the ministry's committed policy assistance.
"We need a growth model whereby unfavorable business and trade conditions from within the country and abroad can be countered effectively," Jang said during a congratulatory speech.
The daunting task will test whether the country will be able to reorient yet another challenge to make it work to its advantage, he stressed.
"Korea's steel industry will undergo a major shift in the global trade order, as defined in part by the Indo-Pacific Economic Framework for Prosperity (IPEF), among other global trade agreements. Whether and how fast and well the local market players adapt and grow will determine the future course of not only the industry but also the country's economic prosperity," he said.
At the event, two association members ― POSCO and Hyundai Steel, the steel affiliate of Hyundai Motor Group ― and the state-run Industrial Bank of Korea (IBK) signed an agreement to establish a 150 billion won ($119 million) fund to help local steelmakers receive loans at rates 1.43 percentage points cheaper than the market rate.
POSCO and the Hyundai affiliate contributed 50 billion won and 20 billion won, respectively, while IBK gave 80 billion won.
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