Minister of Trade, Industry, and Energy Ahn Duk-geun discusses the direction of Korea-U.S. shipbuilding cooperation with officials at the Atlantic Council think tank in Washington, D.C., U.S., provided by the Ministry of Trade, Industry, and Energy, Jan. 9. Yonhap
Korea's industry ministry said Tuesday the government will come up with a comprehensive plan to revitalize the country's steel industry in the first half amid lingering business challenges, including oversupply from China.
The announcement followed the establishment last week of a task force, comprising government, industry and academic officials, charged with devising strategies for the steel industry.
Korea's outbound shipments of steel products amounted to $33.29 billion in 2024, down 5.4 percent from the previous year, due to a downturn in the global construction market and declining export prices.
"The environment surrounding the steel industry remains challenging, and we need to prepare for another decade based on our past experiences," Industry Minister Ahn Duk-geun said during a meeting with officials from the steel industry.
Ahn added the government will maintain real-time communication with the steel industry to prepare for the launch of the second Donald Trump administration later this month.
The industry minister visited the United States last week to meet with government officials and lawmakers as part of Seoul's efforts to brace for uncertainties in U.S. trade policies under the new administration. (Yonhap)
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