Seoul proposes law to protect steel industry

Tough times: Steel coils at a port in Pyeongtaek, South Korea. The country’s steel industry is caught between the global push for carbon neutrality, cheap Chinese imports and steep tariffs from the United States, lawmakers say. — AFP

SEOUL: South Korea is launching an aggressive policy push to rescue its steel industry from mounting global pressure, unveiling a bipartisan bill aimed at helping domestic producers hit hard by a 50% US tariff and a surge of low-cost Chinese products.

Announced on Monday by 106 lawmakers from both ruling and opposition parties, the proposed “K-Steel Act” outlines a long-term industrial strategy that frames steel as a vital base for national security and economic resilience.