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Korean steel industry accelerates research and development of new steel grades

Through strengthening research and development, enhancing manufacturing competitiveness, and launching new products, Korean steel enterprises grow together with small and medium-sized enterprises. In order to enhance the competitiveness of small and medium-sized steel enterprises and help them achieve rapid development, the South Korean government has decided to provide 135.5 billion won from 2021 to 2025 for technology development projects. As a new development subject, small and medium-sized iron and steel enterprises, in order to further enhance their own strength, in addition to cooperating with the central authorities, they have also established a close cooperation mechanism with the main base cities, industries and research institutes of the iron and steel industry, focusing on practical research.

Affected by the novel coronavirus pneumonia, the steel industry in Korea is facing the dual dilemma of domestic sales downturn and export decline. Iron and steel enterprises generally believe that part of the price rise of raw materials should be reflected in the price of products, but downstream steel users are also in business difficulties due to the epidemic situation, and price negotiation is difficult. In this regard, iron and steel enterprises produce high value-added products through technological development, and at the same time cooperate with small and medium-sized enterprises to help open up sales.