Notables gesture in show of solidarity to overcome hardships while participating at a New Year’s meeting of those in the Korean steel industry at the POSCO Center in Daechi-dong, Seoul, on Jan. 15. They included Minister Paik Un-gyu of the Ministry of Trade, Industry and Energy (MOTIE),; Chairman Kwon Oh-joon of Korea Iron & Steel Association (KOSA),; Hyundai Steel Vice Chairman Woo Yoo-cheol,; Dongkuk Steel Vice Chairman Jang Sae-wook,; SeAh Steel Chairman Lee Soon-hyung.; KOSA Vice Chairman Song Jae-bin,; and Chairman Son Bong-rak of TCC Steel Corp.

KOSA Chairman Kwon Oh-joon gives an opening speech at a New Year’s meeting of those in the Korean steel industry.

MOTIE Minister Paik Un-gyu delivers a commemorative speech at the event. (Photos: KOSA)

Chairman Kwon Oh-joon of the Korea Iron & Steel Association (KOSA) said “Changes and innovation are now badly required as the global steel economy is faced with a situation that can be never predicted.” 

KOSA Chairman Kwon, who also serves as POSCO Chairman, made the remarks at a New Year’s meeting for those in the Korean steel industry at the POSCO Center in Daechi-dong, Seoul, on Jan. 15.

Chairman Kwon called for a more efficient production process and the production of high-end, quality steel products to lead the global market by strengthening the competitiveness of the industry. He urged the participants to establish a “fair trade order” and cope with the spread of protectionist moves. He also spoke about the sagging demand industry and the circulation of unqualified steel products and called for the overhaul of related laws to prevent the use and circulation of unqualified steel products. 

MOTIE Minister Paik said, “The industry made an important achievement in seeing steel exports surge more than 20 percent despite such a hard environment as global supply glut and the expansion of import restrictions.” He urged participants to make joint efforts to overcome the challenges surrounding the industry. 

Paik called for the development of value-added steel products and a shift to eco-friendly facilities to help the industry overcome protectionist moves and secure competitiveness to differentiate it from its rivals. He also called for the exploration of win-win models among large- and small-sized steel companies to build an ecosystem to promote shared growth and active cooperation in the settling of the minimum wage system. 

Among those on hand at the event were Minister Paik Un-gyu of the Ministry of Trade, Industry and Energy (MOTIE); KOSA Chairman Kwon; Hyundai Steel Vice Chairman Woo Yoo-cheol; Dongkuk Steel Vice Chairman Jang Sae-wook; SeAh Steel Chairman Lee Soon-hyung; KOSA Vice Chairman Song Jae-bin; and Chairman Son Bong-rak of TCC Steel Corp.

Meanwhile, SeAh Steel Vice Chairman Lee Hwi-ryong was quoted as saying SeAh and others were experiencing difficulties stemming from U.S. antidumping moves. 

He said his company will make all-out efforts to cope with protectionist trade moves, including potentially filing lawsuits. He made the remarks on the sideline of the New Year’s meeting. He cited for aggressive moves by the Korean steel industry to address the U.S. move to impose higher import barriers.