On February 16, 2023, the Ministry of Trade, Industry and Energy held the Steel Industry Development Roundtable, chaired by Minister Lee Chang-yang, at the JW Marriott Hotel, and announced the Steel Industry Development Strategy for Transition to Low-Carbon Steel Production. The meeting was attended by key figures from seven steel companies, including Kim Hak-dong, Vice Chairman of POSCO, Andong Il, President of Hyundai Steel, Jang Se-wook, Vice Chairman of Dongkuk Steel, Lee Hwi-ryung, Vice Chairman of Seah Steel, Park Sung-hee, President of KG Steel, Oh Chi-hoon, President of Daehan Steel, and Lee Byung-hyung, President of Aju Steel, as well as the Korea Steel Association and the Korea Steel Resources Association. The 'Steel Industry Development Strategy' announced by the Ministry of Trade, Industry and Energy at the meeting aims to lay the foundation for a new leap forward in the steel industry, and aims to: ► establish an iron scrap industry ecosystem; ► develop the world's first hydrogen fluid reduction technology ► complete the value chain of high manganese steel for eco-friendly ships and ► achieve the top three global exports by 2030. To this end, the government will first promote the industrialization of iron scrap and stabilize its supply. As the global carbon neutralization drive is expected to expand the production of crude steel for electric furnaces, the global demand for iron scrap, an essential raw material for electric furnaces, is expected to expand significantly, and major countries have already begun export restrictions on iron scrap. In response, MOTIE will discuss with the Ministry of Environment to recognize iron scrap as a recyclable resource and exclude it from waste under the Waste Management Act, while also reviewing legislation to support business activities in line with manufacturing. "The steel industry will have to transform from a carbon-emitting industry to an eco-friendly industry, and from producing general-purpose goods to producing high-value-added products," said MOLIT Minister Lee Cheong-yang, emphasizing that the steel industry is facing unprecedented challenges, and calling on the steel industry to make concerted efforts from technology development to market development."