South Korea will set up a fund worth 150 billion won ($116.9 million) to support domestic steelmakers in decarbonizing steel production, the Ministry of Trade, Industry and Energy said on Feb. 16. Seven domestic steel producers, including Posco, Hyundai Steel and Dongguk Steel, signed a memorandum of understanding to promote mild steel production. According to the MOU, in March 2023, the signing companies will establish a partnership and policy coordination alliance and launch the fund.