Seoul: South Korean steelmakers on Friday called for establishing a joint consultative body with the government to devise strategies for expected policy changes by the Donald Trump administration, the industry ministry said.
Officials from major steelmakers, including POSCO and Hyundai Steel, made the call during a meeting with Industry Minister Ahn Duk-geun in Seoul, where they discussed potential impacts of new policy measures by the upcoming US government and their responses, according to the Ministry of Trade, Industry and Energy.
Under the US Section 232 tariff rules made in 2018 under the first Trump administration, Washington waives the tariffs on 54 kinds of South Korean steel products in return for a yearly import quota of 2.63 million tons of steel, reports Yonhap news agency.
“It is needed for the government and the industry to set up a joint consultative body to closely monitor the situation and devise responses thoroughly based on various scenarios,” an official of the Korea Iron and Steel Association said.
Hyundai Steel chief Suh Gang-hyun told reporters the Seoul government needs to make efforts to maintain the quota without any adjustment, noting there has been a growing demand for steel items, particularly after Hyundai Motor Co. built a new factory in the U.S. Ahn called for close communication and consultations between the government and the industry regarding new U.S. policies, noting they could still help create new business chances.
“South Korean steelmakers have contributed to the growth of the overall industry in the US. Now is time for the two sides to forge a new cooperative relationship,” Ahn said, according to the report.