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에너지 비용 상승이 철강산업의 부가가치와 수익성에 미치는 영향 분석
남정임(Jung-Im Nam),임송수(Song Soo Lim) 한국에너지기후변화학회 2013 에너지기후변화학회지 Vol.8 No.1
Korean government has a goal to reduce 30% of the greenhouse gas emissions prospect(BAU base) by 2020. In order to fulfill this commitment, Korea has adopted a target management system and it plans to install a emission trading scheme by 2015. The GHGs reduction policy is expected to have a direct economic effect on energy costs including coal and electricity. This paper aims to analyze the empirical effects of such increases in energy costs on the steel industry. Empirical estimation is performed on the first differences of time series data over the 1971-2011 periods. Results show that an increase in coking coal prices has a negative effect on value-added in the steel industry. The rate of change in the electricity price is also shown to have an adverse effect on industry profits. As theories predict, GDP and prices of steel products have significantly contributed to the two performance measures. Policy implications include the need of special attention to those firms that are heavily relying on electricity energy in designing a country-wide emission trading scheme.