South Korea Steel Output to Renew Record, KOSA

The steel consumption in South Korea is estimated to increases by 18.1% to 53.638 million tonnes in 2010 from 2009 due to the economic growth in manufacturing industries other than shipbuilding, according to Korea Iron & Steel Association.

The steel output is expected to increase by 18.2% to record 67.297 million tonnes in 2010 from 2009. However, the demand in South Korea is expected to decrease in the second half compared with the fist half due to the slowdown in automobile production growth. The steel export would increase and the import is expected to decrease in the second half while the output would continue increasing due to the start of new facilities’ operation.

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