‘Steelmakers Need to Join Forces in Securing Raw Materials’

Thirty-one people awarded prizes for their meritorious efforts at the Iron Day anniversary event

Korea Iron & Steel Association (KISA) Chairman Chung Joon-yang said in his speech that the global demand for steel is forecast to rise to 1.24 billion tons during this year, a 10.7 percent surge from 2009, and crude steel product demand is predicted to surpass 1.4 billion tons.
KISA Chairman Chung, concurrently POSCO chairman, made the remarks at a ceremony to celebrate the 11th anniversary of Iron Day at the POSCO Center in southeastern Seoul on June 9. On the domestic front, he said, the nation’s steel demand will likely climb in a range of 10 percent, riding on a base effect from last year’s downturn, but the Korean steel industry may be faced with difficulties caused by a glut and a rise in imported products during the second half of the year.
Despite the difficulties cited, the chairman offered steps the industry could take. First, Chung stressed the need to take a united stand against raw material suppliers and to secure opportunities to explore for raw materials. Second, he said, Korean steelmakers should join forces in developing exporting strategies and making joint overseas forays with steel consumer clients in order to create demand. Third, Chung said, Korean steelmakers should not hesitate to make massive investments and establish strategies to move ahead in the global market so as to build a base for sustainable growth. Lastly, he said, the domestic steel industry will have to focus on developing environmentally-friendly products and innovating their manufacturing process by taking into account green growth master plans. Approximately 200 people representing government, industry and research circles attended the anniversary ceremony on June 9 at 5:30 p.m. Among those on hand were Vice Minister of Knowledge Economy (MKE) Ahn Hyun-ho; Hyundai Steel Vice Chairman Park Seung-ha; Dongkuk Steel Mill Chairman Jang Se-joo; Dongbu Steel Vice Chairman Han Kwang-hee; SeAh Steel Chairman Lee Woon-hyung; KISWire Co. Hong Young-chul; and TCC Steel Corp. Chairman Sohn Bong-rok.
In his speech at the ceremony, Vice MKE Minister Ahn urged the Korean steel industry to push ahead with its 7 trillion won investment plans and do its utmost to create new jobs. Ahn congratulated the Korean steelmakers’ on their massive investments ― Hyundai Steel’s dedication of its first integrated steel mill, Dongbu Steel’s completion of its electric steelworks and Dongkuk Steel’s inauguration of a plate steelworks ― despite difficulties caused by the financial crisis. He also called for steelmakers to aggressively cope with greenhouse gas emissions reductions and steps to preserve energy in keeping with more stringent international environmental regulations.
Iron Day was designed to commemorate the first launch of a blast furnace steel mill in Korea on June 9 with the purpose of publicizing public awareness toward the significance of the steel industry and promoting harmony and pride among those in the steel industry.
Woo Yu-cheol, president of Hyundai Steel, was decorated with the Order of Industrial Merit, Gold Tower, in recognition of his contribution to his company’s successful construction and operation of an integrated steel mill in Dangjin, Chungcheongnam-do. Woo was one of the 31 people who received diverse prizes for their meritorious achievements in the development of the Korean steel industry during the anniversary event. nw

Steelmakers of Korea Iron & Steel Association (KISA), including POSCO Chairman and KISA Chairman Chung Joon-yang, join hands at the Iron Day anniversary event at the POSCO Center in Seoul in a show of solidarity.