Steel products are stacked at a port in Pyeongtaek, Gyeonggi Province, April 3. Yonhap
Vice Industry Minister Moon Shin-hak on Thursday called on the steel industry to join the country's efforts to stabilize supply chains of key industrial materials amid the Middle East crisis, Moon's office said.
Moon made the request during a meeting with officials from major steel companies, including POSCO Group, Hyundai Steel and Dongguk Steel Mill. The gathering was held to check supplies of steel, a key industrial material widely used across various industries, amid persisting conflict in the Middle East, according to the Ministry of Trade, Industry and Resources.
In the meeting, the Korea Iron & Steel Association said the industry is experiencing limited impact from the war between the United States and Iran as it has low dependence on Middle Eastern imports and supply chains, but it is facing higher energy and shipping costs.
Despite a relatively stable supply status, Moon asked the steelmakers to stay vigilant and make efforts to prevent any supply chain disruptions, as such a situation could have ripple effects across different industries.
The vice minister also pledged the government's continued efforts to help the steel industry strengthen its fundamental competitiveness amid such challenges as global oversupply and trade protectionist measures of major economies.
Source: Korea Times News
