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South Korea’s National Assembly has passed the “K-Steel Act” – a special law aimed at strengthening the domestic steel industry’s competitiveness and supporting its transition to carbon neutrality.
The legislation requires the Minister of Trade, Industry and Energy to prepare five-year basic plans and annual action plans for the steel sector. A Special Committee for Steel Industry Competitiveness Enhancement under the Prime Minister will deliberate and decide key policies, giving the industry a more structured policy framework than before.
The Act sets out several practical measures: identification and support of low-carbon steel technologies and demand creation, designation of low-carbon steel special zones, backing for new production facilities, strengthening recycled-steel supply chains, reflecting essential infrastructure like electricity, water and hydrogen in national master plans, and creating a legal basis for faster business restructuring.
Industry leaders have welcomed the law, noting it is the first steel-specific legislation in roughly 40 years and calling it a historic milestone. The government’s broader Steel Industry Advancement Plan, including capacity adjustment in oversupplied segments and investment in special carbon steels, AI and hydrogen-based steelmaking, is expected to advance more rapidly under this new legal foundation.
Also Read : South Korea Launches Export Guarantee Program for Steelmakers Hit by US Tariffs Hyundai Steel to Supply Low-Carbon Steel for Korea’s Power Grid Expansion
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