The South Korean government and parliament are actively supporting the domestic steel industry through legislative measures and financial aid. The “K-Steel” law mandates the development of comprehensive plans to enhance the industry’s competitiveness and facilitate the transition to carbon-neutral production, while additional government support includes financial assistance, innovation promotion, and export support to foster high value-added steel production.

The South Korean National Assembly passed the “K-Steel” law to support domestic steel manufacturers.

The Minister of Trade, Industry, and Energy is required to develop five-year comprehensive plans and annual operational plans to enhance the competitiveness of the steel sector and a special committee under the Prime Minister will handle discussions and decision-making related to the steel industry.

The law includes measures such as selecting low-carbon steel technology, supporting demand creation, and designating special green steel zones and aims to strengthen scrap supply chains and consider essential infrastructure (electricity, water, and hydrogen) in national programs.