K-Steel Act, Following the Ruling Party, the Opposition Also Promotes Party Policy... Accelerating Steel Tax Support

[Financial News] The People Power Party announced on the 12th that it would promote the 'K-Steel Act' as a party policy to support the steel industry, which is facing a crisis due to the 50% tariff imposed by the Donald Trump U.S. administration. Following the Democratic Party, both the ruling and opposition parties have adopted it as a party policy, speeding up the establishment of legal grounds for financial and tax support for the steel industry.
Song Eon-seok, the acting chairman and floor leader of the People Power Party, said at a meeting of the emergency committee held at BEXCO in Busan on this day, "We will promote the so-called K-Steel Act as a party policy to substantially reduce the burden on the steel industry, which is subject to a high tariff of 50%, by supporting research and development (R&D) and expansion of production facilities for low-carbon transition."
The K-Steel Act is a special law for strengthening the competitiveness of the steel industry and transitioning to green steel technology, jointly proposed by 106 lawmakers from both the ruling and opposition parties, including Eo Gi-gu of the Democratic Party and Lee Sang-hwi of the People Power Party, who are co-representatives of the National Assembly Steel Forum. The core is to expand infrastructure and increase tax support according to the basic and implementation plans established every five years by the 'Steel Industry Competitiveness Enhancement Special Committee' led by the president.
Previously, Kim Byung-gi, the floor leader of the Democratic Party, also announced at a policy meeting on the 7th that the K-Steel Act would be promoted as a party policy. As both the ruling and opposition parties have adopted it as a party policy, it is expected to be processed within the regular session of the National Assembly in September, which continues until the end of the year.
Song, the acting chairman of the emergency committee, announced plans to promote the 'Korean-style IRA (Inflation Reduction Act)' as a party policy to support national strategic technology industries such as AI (artificial intelligence), secondary batteries, and future transportation means, pursuing not only tax support but also direct subsidies and financial support.

uknow@fnnews.com Kim Yun-ho, Lee Hae-ram reporters