Prompt Proposal for Steel Industry Support Law
The People’s Power party, led by Floor Leader Kwon Seong-dong, visited the POSCO Pohang Steelworks on the 5th and announced plans to promptly propose a law to support the steel industry. This move comes in response to tariff pressures following the inauguration of the new Donald Trump administration in the United States, with the aim of preparing national support policies.
On that day, Floor Leader Kwon, along with party leadership, stated at the Pohang Steelworks, “We will consider quickly proposing the ‘Steel Industry Support Bill’, which consolidates various supports such as expanding tax credit rates for national strategic technologies and fundamental technologies, and expanding rules of origin to strengthen the domestic steel supply chain.” The steel industry is a core strategic sector accounting for 6.7% of Korea’s manufacturing production and 5.6% of exports. Therefore, it is deemed essential to provide national-level protection and support for this key industry.
The People’s Power leadership’s emphasis on supporting the steel industry stems from the tariff pressures imposed by the Trump administration. Previously, President Trump announced that a 25% tariff would be imposed on steel and aluminum products starting from the 12th without exceptions. Floor Leader Kwon remarked, “The steel industry is facing significant difficulties these days, with multiple simultaneous challenges including the U.S. government’s 25% tariff, global oversupply, and pressures for low-carbon transition,” elaborating on the reasons for support.
Policy Committee Chairman Kim Sang-hoon also stressed the necessity of supporting the steel industry. He highlighted, “Even before the formal imposition of the U.S. 25% tariff, steel industry export performance has been declining,” and promised to collaborate with the government to propose solutions for issues such as foreign labor concerns.
The People’s Power leadership also recognized the need for strengthening medium- to long-term competitiveness. Floor Leader Kwon emphasized, “While institutional responses to rapidly changing trade orders are necessary, it is crucial to enhance technological capabilities in the medium to long term,” advocating for the development of low-carbon, high-value-added technologies and the exploration of future demand. He added, “We, too, must provide institutional support for R&D and investment in demonstration and commercial facilities for carbon-neutral technologies, like Japan and the European Union (EU).”