Korea Iron & Steel Association (KOSA) held the 2025 New Year’s gathering for those in the steel industry at POSCO Center in Seoul on Jan. 14.
Among those on hand at the event were Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE), KOSA Chairman Chang In-hwa, concurrently chairman of POSCO, President Suh Kang-hyun of Hyundai Steel, President Park Sung-hee of KG Steel, Vice Chairman Lee Hwi-ryeong of SeAh Steel.
In his commemorative speech, MOTIE Minister Ahn said, “The steel industry, dubbed ’the Rice of the Industries,’ is a significant sector that contributes to the improving of the competitiveness of major demand industries, such as automobiles and shipbuilding sectors, and the steel industry should spearhead into the demand of new future markets, as it drove the economic growth of Korea in the past.”
Minister Ahn said private, public and research circles will have to join forces to promote cooperation and nimbly cope with rising trade uncertainties, such as the EU’s CBAM and the inauguration of U.S. President Donald Trump’s 2nd-term administration.
The EU’s Carbon Border Adjustment Mechanism (CBAM) is the EU’s tool to put a price on the carbon emitted during the production of carbon intensive goods.
The government will focus on addressing pending trade issues against the United States by inaugurating a task force to ramp up the competitiveness of the steel industry, a private-public sector cooperation platform, recently while coming up with full support for this year by discussing steel demand outlooks, analyzing of competitiveness and low carbon steel transition, the minister said.
Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) and KOSA Chairman Chang In-hwa, concurrently chairman of POSCO, President Suh Kang-hyun of Hyundai Steel, President Park Sung-hee of KG Steel, and Vice Chairman Lee Hwi-ryeong of SeAh Steel attend the 2025 New Year’s gathering for those in the steel industry. (Photos: KOSA, MOTIE)
KOSA Chmn. Chang’s New Year’s Message
Chairman Chang In-hwa of Korea Iron & Steel Association (KOSA) proposed three tasks the Korean steel industry will have to prioritize to help it overcome difficulties and make a leap forward.
In his New Year’s message, KOSA Chmn. Chang called for the Korean steel industry to join forces to wisely cope with protectionist trade moves amid commerce environment changes.
“This year, trade barriers are predicted to get higher in the wake of policy changes, caused by the inauguration of the new U.S. administration, and in 2018, Korea and the United States agreed to introduce a quota system on steel exports through close communication with the Korean government through which Korea had managed to secure a competitive upper hand over other countries,” he said.
“We have to secure stability by diversifying export markets to emerging countries with rising steel demand,” Chmn. Chang said.
Second, he said, “The Korean steel industry should make preparations for the production of eco-friendly green steel since carbon neutrality of the industry is a core factor to secure future competitiveness.”
Major countries are moving fast to shift to carbon neutrality trade policies, like the EU’s Carbon Border Adjustment Mechanism (CBAM) and the United States’ "Clean Competition Act" (CCA).
The Korean steel industry will concentrate its capabilities to improve energy efficiency and substitute for low-carbon fuel and raw materials while endlessly preparing for the development of the Korean hydrogen-based reduction ironmaking process on top of carbon reduction technologies of existing facilities.
Third, he called for building a strong industry ecosystem to raise the fundamental competitiveness of the steel industry.
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