South Korean steelmaker POSCO has announced that it has recently hosted the 17th Iron Day anniversary event of the Korea Iron & Steel Association (KOSA) at POSCO’s central office located in Seoul, at which KOSA pledged its commitment to future competitiveness through development of the structure of the steel industry and technological innovation.
Speaking at the meeting, KOSA chairman Ohjoon Kwon stated that it is crucial to protect the domestic market from low-priced defective products and unfair imported products and to secure future competitiveness through technological innovation. According to Mr. Kwon, the steel industry must drastically reorganize its business through a “choose and focus” strategy and a establish stable and competitive basis for growth through strong structural reforms.
Meanwhile, the country’s Minister of Trade, Industry and Energy Hyeong-whan Joo said that the government will also actively help the South Korean steel industry to spontaneously accelerate its business reorganization through simplifying administrative procedures, relaxing regulations and providing taxation support according to the Corporate Vitality Enhancement Act that will take effect from August this year.