South Korea will inject KRW 570 bln (USD 396 mln) into its steel industry to strengthen exports, counter unfairly priced imports, and drive technological innovation, the government announced.
The package includes a KRW 400 bln (USD 278 mln) guarantee program to support export supply chains and KRW 170 bln (USD 118 mln) in policy financing to help firms modernize and adjust capacity.
The plan, part of a broader industrial restructuring initiative, prioritizes the general-purpose steel segment, especially rebar, where oversupply and import reliance have weakened margins. Companies that voluntarily cut capacity will receive tax and financial incentives, with further measures planned under the pending Steel Industry Special Act.
Authorities also plan to expand anti-dumping duties to address import circumvention through third countries, while investing KRW 200 bln (USD 139 mln) by 2030 to develop 10 new high-grade carbon steel products, aiming to raise their share in domestic output from 12pct to 20pct.
Longer term, Seoul seeks to position itself as a leader in low-carbon steelmaking, advancing hydrogen-based and AI-driven production technologies to boost productivity and reduce emissions.
1 USD / 1437.9 KRW
