POSCO chief proposes Korea-China-Japan steel committee

POSCO chief proposes Korea-China-Japan steel committee. Chung Joon-yang, the chief executive of the world’s fourth largest steelmaker POSCO, proposed on Monday that a committee representing the steel industries of South Korea, China and Japan should be established to tackle issues such as rising materials costs. Speaking at the Asia Steel Forum in Seoul, Chung proposed the establishment of such a committee under the guidelines of steel industry associations of each nation. Citing the growth of steelmakers from the three nations and their expanding role in the international market, as well as other factors such as the rising cost of raw materials as the need for such a committee, Chung suggested setting up subcommittees for dealing with such issues. “The steel sector is facing many issues such as a surge in raw materials and oversupply,” Chung was quoted as saying by a local news agency. “The three nations need to cooperate to resolve such problems.” As for the key areas in which collaboration is needed from the three countries’ steel industries, Chung suggested securing raw materials, collaborative investment and cooperation with regard to logistics. Chung also proposed that the committee should allow participation from various government organizations according to need. “The committee could develop to take the form of an industrial organization similar to those in North America and Europe,” Chung said. By Choi He-suk