South Korea to Overhaul Steel Industry Amid Global Tariff Challenges

The South Korean government has announced an ambitious plan to restructure its domestic steel industry, responding to escalating challenges posed by tariffs from the United States and the European Union. The move aims to fortify the sector against the dual threats of increased tariffs and persistent oversupply issues.

In a recent statement, the industry ministry detailed plans to actively manage production capacities in oversupplied categories. Additionally, the government intends to enhance both financial and policy support mechanisms to assist exporters severely impacted by international steel tariffs.

These proactive measures reflect South Korea's commitment to stabilizing the steel industry, ensuring it remains competitive on the global stage despite mounting external pressures.