The steel industry held a New Year's reception at POSCO Center in southern Seoul on Jan. 12 with over 230 leaders from the industry, academics and related organizations led by Minister Hong Suk-woo of the Ministry of Knowledge Economy.

Ministry Hong congratulated the steel makers for their playing a key role in the growth of the economy despite the slowdown of the global economy, sharing 7 percent of the nation's total exports and improving the trade balance in favor of Korea by 11.8 percent. The industry for the first time since 2001 created a surplus in its trade, with a huge contribution to the nation achieving $1 trillion in trade, the minister said in his speech at the reception. Minister Hong said the economic situation for this year doesn't look bright, but chances will come amid the hardship and hope that the industry will continue to be concerned with creating jobs and act.

Industry's exports of steel products came to $39 billion, up 35.2 percent YoY and steel imports $35.2 billion, up 21.5 percent YoY at a surplus of $3.9 billion, Chairman Chung Joon-yang of the Korea Iron and Steel Association said in his commemorative speech.

Chung said the industry should unite and cope with the crisis by creating a system to cope with any crisis that might loom ahead. We have to cut down costs and develop a management system using IT and help the poor with a warm heart. We 80,000 workers in the industry can change the global economic crisis  into opportunities by being united.

Hong said the industry continue to invest and explored new markets even during bad times until now, which has been a core power for the growth of our economy until now. The government will too change its support to the industry in tandem with changes in the paradigm of the industry, especially, in opening up steel markets in emerging nations through the help of KOTRA and other related organizations.

A significant change in the steel market's structural paradigm has been the sale of steel plants themselves, not just steel products. Minister Hong also promised to help the steel industry cope with global issues such as green growth by taking care of the problems associated with energy target control and the introduction of toxic gas deals and help the industry solve them.

Present at the New Year's gathering for the steel industry included SeAH Group Chairman Lee Woon-hyung, Chairan Hong Young-chul of KISWIRE, Vice Chairman Park Seung-ha of Hyundai Steel, Chairman Chang Sae-ju of Dongkuk Steel, Chancellor Kim Yong-min of Pohang University of Science and Technology, Director Kim Joon-han of POSCO Management Institute,Vice Chairman Park Young-tak of Korea Association of Machinery Industry, Vice Chmn. Lee Donghee of Daewoo International, Vice Chmn. Chung Joon-suk of Hanyoung Accounting, and President Cho Seong-shik of POSPOWER, among others.  nw