South Korea’s largest steelmakers POSCO (₩71.4 billion or A$84.7 million) and Hyundai Steel Co. (₩28.6 billion or A$34 million) have created a ₩10 billion (A$11.8 million) fund with low interest to help smaller steel companies. This fund will support smaller firms that have taken a dive due to the sharp decline in global steep demand since COVID-19.
In order to mitigate the pandemic’s impact on various industries, many governments have implemented funding support schemes. In Australia, the federal and state governments, as well as the Australian Taxation Office, provided a range of measures designed to help small and medium businesses. These measures have sought to boost cash flow for employers, support businesses that employ apprentices and trainees, and support the flow of credit.