Steel Industry’s ‘Breakfast Club’

Minister Choi calls for expanded investments in low-carbon green growth sectors, reductions of greenhouse gas, energy saving

Minister Choi Kyung-hwan of the Ministry of Knowledge Economy (MKE) held a breakfast meeting with CEOs of the nation’s steel makers to learn what there is to know about how they have been doing fighting off the world economic crisis, Director Lee Seung-woo of the Steel and Chemical Division of the MKE said.
At the meeting that took place from 7:30 a.m. to 9 a.m. at the Grand InterContinental Hotel, Minister Choi congratulated them for their strenuous efforts to beat the economic woes through the close cooperation between large and small steel producers by making the largest investment in steel production facilities this year, despite the ongoing tough business conditions, Director Lee said.
The minister singled out Dongbu Steel for its installation of a large electric furnace at its Dangjin Works in Dangjin, South Chungcheong Province and Dongbu Steel’s steel plate production plant, which has been turning out new steel products. Choi also expressed his wish that Hyundai Steel will be able to finish its blast furnace construction work on schedule by Jan. 1, 2010.
He also said he hoped that the steel industry would expand its investments in steel production facilities to overcome the economic slump early and work hard on the exploration of world steel markets to expand the nation’s exports of steel products. He also called on the industry to double its efforts to reduce greenhouse gas emissions in step with the international movement to strengthen environmental regulations.
CEOs unveiled their plans to invest 6.9 trillion won in the steel industry next year and make continued investments until 2012, totaling 18.7 trillion won, which breaks down to 5.8 trillion won in 2011 and 5.9 trillion won in 2012.
They said the investments will be made in tune with the government’s low-carbon and green growth policies in the areas of reducing greenhouse gas emissions and rational energy use focused on green facilities.
Steel industry CEOs called on the government to retain the temporary investment tax exemption system along with their concern on a move to raise industrial power charges.
They also told Minister Choi of the need to strengthen the regulations on imports of steel products and the expansion of scrap iron stockpiles for a stable supply. The government decided to hold regular meetings with steel industry leaders aimed at strengthening the industry’s competitive power and greenhouse gas reductions.
CEOs at the meeting included POSCO Chairman Chung Joon-yang; Vice Chairman Park Seung-ha of Hyundai Steel; Chairman Chang Sae-joo of Dongkuk Steel; President Han Kwang-hi of Dongbu Steel; Chairman Lee Woon-hyung of SeAH Steel; Vice Chairman Kim Won-kap of Hyundai Hysco; President Hong Soon-chol of Union Steel; and Chairman Sohn Bong-rak of TCC Steel. nw

Minister Choi Kyung-hwan of the Ministry of Knowledge Economy meets with CEOs of steel makers at a breakfast meeting at Grand InterContinental Hotel in Seoul on Nov.9.

CEOs of steel makers including Chairman Chung Joon-yang of POSCO, R1, are seen at the breakfast meeting with MKE Minister Choi at InterContinental Hotel on Nov. 9 in Seoul. Other CEOs included Chairman Chang Sae-joo of Dongkuk Steel and Chairman Lee Woon-hyung of SeAH Steel.