Ruling and opposition parties are pushing for a special law to support the domestic steel industry after the United States maintained 50 percent tariffs on steel, aluminum and copper imports from South Korea in their trade deal on Thursday.

Democratic Party Rep. Eo Gi-gu and Rep. Lee Sang-hwi of the People Power Party, co-representatives of the National Assembly's steel forum, said they will jointly propose a special bill on August 4 to enhance the competitiveness of the steel industry and support their green transformation.

More than 100 lawmakers are expected to participate in the motion for the so-called "K-Steel Act," which will focus on government provisions for mid- and long-term support to boost the competitiveness of Korean steel producers.

The bill will also call on the government to establish a special committee headed by the president to support research and development of steel-related carbon-neutral technologies and facilities, as well as related tax benefits, policies to foster innovative ecosystems, and respond to unfair trade.

Rep. Eo said the nation’s steel industry is on alert over the high U.S. tariffs, and that this is the “final window” to save the industry.
 
The lawmakers said they will hold a press conference at the National Assembly next month to further disclose details of the bill.