South Korean steel giant POSCO's CEO Chung Joon Yang has proposed a regional steel industry committee comprising South Korea, Japan and China to address challenging issues in the area, including raw material price hikes, oversupply and emission programs.
According to international news sources, at a forum held in the South Korean capital Seoul Chung Joon-yang said that the body should be comprised of officials from steelmakers, industrial groups and government-related organizations from each country.
"The steel industry is recently facing many issues including a surge in raw materials, shortened industrial cycles, structured oversupply, emission cuts and changes to demand pattern," Chung said, adding, "The three nations need to cooperate to resolve such problems."