Business Korea reported that the South Korean government is considering joining the US alliance in the steel industry against China. The new alliance in the steel and aluminum industry is to prevent overproduction and make it more sustainable by reducing carbon emissions. The scheme targeting China was formed in October this year, when the United States and the European Union agreed to end their disputes in the industry. The United States and the European Union are planning to come up with a draft of the scheme by 2024 and the scheme is open to other countries. South Korean steelmakers are in favor of the participation. The government said that it is watching the situation with everything up in the air as of now. South Korea’s Ministry of Trade, Industry and Energy and the Department of Commerce of the United States are discussing the matter along with whether to relax restrictions on South Korea’s steel exports to the United States, which are based on Section 232 of the Trade Expansion Act of 1962. The United States is urging its allies to do so in order to curb China’s influence in the industry.
Business Korea reported that the South Korean government is considering joining the US alliance in the steel industry against China. The new alliance in the steel and aluminum industry is to prevent overproduction and make it more sustainable by reducing carbon emissions. The scheme targeting China was formed in October this year, when the United States and the European Union agreed to end their disputes in the industry. The United States and the European Union are planning to come up with a draft of the scheme by 2024 and the scheme is open to other countries. South Korean steelmakers are in favor of the participation. The government said that it is watching the situation with everything up in the air as of now. South Korea’s Ministry of Trade, Industry and Energy and the Department of Commerce of the United States are discussing the matter along with whether to relax restrictions on South Korea’s steel exports to the United States, which are based on Section 232 of the Trade Expansion Act of 1962. The United States is urging its allies to do so in order to curb China’s influence in the industry.
