The South Korean government has said it will encourage local steel and petrochemical producers to reduce oversupply and upgrade their facilities to achieve high added value.
In addition to downsizing, steel and petrochemical companies will focus on mergers and acquisitions for non-competitive products such as plate, steel pipes, terephthalic acid and polystyrene as part of a government campaign to strengthen their competitiveness and resilience in the global market.
To this end, the government will expand financial and tax support for personnel training and research and development, the report said. The latest industrial restructuring measures were unveiled following a ministerial meeting in Seoul. It has been estimated that Korean steel and petrochemical firms are in need of extensive overhauls and upgrades.
For steel mills, efforts will be stepped up to develop new technologies that use hydrogen to smelt iron ore in order to reduce carbon dioxide emissions. The retrofitted eco-friendly blast furnaces, which can reduce CO2 emissions by 15 percent, are slated to be commissioned from 2023.
South Korea encourages metallurgical and petrochemical firms to cut production
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Azovpromstal® 3 October 2016 г. 10:42 |
