SEOUL, Nov. 20 (Korea Bizwire) – The government on Thursday designated the southern industrial city of Gwangyang as a special crisis-response zone, as its steel-dependent economy faces mounting strain from global oversupply and intensifying trade protectionism, the industry ministry said. Gwangyang, about 350 kilometers south of Seoul, was chosen because the steel sector accounts for [...]
SEOUL, Nov. 4 (Korea Bizwire) – The government will provide additional support to the steel industry for its much-needed transition to high-value and eco-friendly products, the industry ministry said Tuesday, the latest effort to save the ailing sector facing global oversupply and escalating trade protectionism. The road map aimed at boosting the competitiveness of the [...]
SEOUL, March 9 (Korea Bizwire) — what would be the most appealing headline for this (The South Korean steel industry may be able to clinch new opportunities if it takes part in the Alaska gas pipeline project led by the Donald Trump administration, despite the envisioned 25 percent U.S. tariff on all steel imports, experts [...]
SEOUL, Nov. 19 (Korea Bizwire) – POSCO, South Korea’s largest steelmaker, has ceased operations at its Pohang Steelworks’ No. 1 Wire Rod Mill after 45 years and 9 months of service. The closure, effective November 19, comes as the global steel market grapples with oversupply, particularly from low-cost Chinese imports, which have eroded profitability. The No. [...]
SEOUL, June 20 (Korea Bizwire) — South Korean steelmakers asked the government Tuesday to persuade the European Union to allow domestic carbon emission calculation methods for a longer period of time ahead of the full implementation of its new carbon border tax. The EU announced the new carbon-pricing system of the Carbon Border Adjustment Mechanism [...]
SEOUL, Jun. 3 (Korea Bizwire) — South Korean steel makers could see benefits from North Korea’s possible economic opening following the planned summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, analysts here said Sunday. Trump said after a meeting with Kim’s top envoy at the White House that he will meet [...]
SEOUL, Jun. 19 (Korea Bizwire) — As competition in the international steel industry stiffens due to oversupply, South Korean steel companies are embracing smart technology to prepare for the Fourth Industrial Revolution. At the forefront of this trend is South Korean steel-making company POSCO, which announced on Saturday that it has been adopting new artificial [...]
SEOUL, Sept. 1 (Korea Bizwire) – The expected decline in the working age population in South Korea beginning next year will hit the steel and its related markets, as seen in the case of Japan, a research report said Thursday. The report from the POSCO Research Institute projected that the construction market, which accounts for [...]
SEOUL, July 23 (Korea Bizwire) – In order to prevent the instances of fabricating mill test certificates and thereby reduce the volume of low-quality steel product imports, the Korean Iron & Steel Association has introduced a new QR code-based scheme called “QReal” and entered an emergency mode to fully implement the scheme. According to the association, the [...]