The National Assembly on Thursday passed a comprehensive bill to bolster South Korea’s steel industry in the face of high U.S. tariffs and global oversupply.

The Special Act to Strengthen the Competitiveness of the Steel Industry and Promote the Green Steel Technology Transition, or the so-called K-Steel Act, passed in a 245 to five vote in a plenary session. Five lawmakers abstained. 

A total of 106 lawmakers presented the bipartisan bill in August.

The bill calls for the establishment of a special committee to strengthen the competitiveness of the steel industry, investment in steel decarbonization technologies, restrictions on imports and distribution of nonconforming steel materials, and financial and tax support measures, among other provisions.

The passage comes as business uncertainties have grown in the global market with the emergence of protectionism and global oversupply resulting from China's steel overproduction.