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The government will also tighten the requirements for tracing the origin of imports

The company plans to diversify beyond its core steelmaking business

It is expected that steel intended for the European market will now also be exported to other regions

The country’s Minister for Industry did not specify what volumes were involved

The new furnace will have a production capacity of 2.5 million tonnes of steel per year

The country is seeking access to the European market on terms no less favourable than those enjoyed by its competitors

The industry is under pressure from the conflict in the Middle East and the tariff policies of other countries

The project in Pohang calls for the launch of a 300,000-ton-per-year HyREX pilot plant by 2028

The rise in prices for these products in the country is driven by a supply shortage and cost pressures

The company is expanding its scrap yard in Gwangyang and will initially rely mainly on its own raw materials

The company announced this decision at the beginning of the year

Total investment in the project will amount to $5.8 billion