- Registration date2024-04-20
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Korea's Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held the 21st Korea-Japan Steel Dialogue meeting on April 19 at Lotte Hotel Busan.
Launched in 2001, the bilateral Steel Dialogue is a regular communication channel for Korean and Japanese steel industries, with the 20th meeting held last year in Tokyo after a hiatus of almost five years. The 21st meeting was attended by representatives of MOTIE, METI, Korea Iron and Steel Association (KOSA), Japan Iron and Steel Federation (JISF), and both countries’ major steelmakers.
The two sides shared their overall economic and industrial trends and discussed the future direction for carbon regulations and trade issues. Both sides’ industry representatives noted the toughening trade conditions from slow demand for steel and oversupply, intensifying trade barriers, and geopolitical volatilities, and agreed that cooperation is needed for greater synergy.
They also decided to strengthen coordination in carbon reduction technology development, securing steel scrap and green hydrogen among other key raw materials and fuel for carbon neutrality, and in establishing international standards for low carbon steel, agreeing to further talks during the second Korea-Japan Green Steel Joint Seminar slated for the latter half of 2024.
Participants concurred that bilateral cooperation is all the more necessary amid difficult industry circumstances and agreed to continue uncovering prospective joint projects in view of Korea and Japan’s shared stance on key issues, including decarbonization and trade barriers.