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Korean Steel Market price in 2012

overiteApr.26.2012 14:19

Korea's total output of steel will slightly increase this year, mainly on growing exports, a local industry body said Sunday.

The Korea Iron and Steel Association (KOSA) said the country's total steel production will rise 3.1 percent to 73.86 million tons.

The anticipated increase marks a significant slowdown from an estimated 8.6 percent growth in 2011. The Ministry of Knowledge Economy earlier said the future of the steel industry was one of the gloomiest of all industrial sectors due to a drop in global prices.

The association, however, said the country's exports will likely gain 4.1 percent on-year to 29.7 million tons this year with its domestic consumption of locally produced and imported products rising 1.4 percent to 56.8 million tons.

"Domestic consumption will likely be maintained at similar levels from previous years amid a slowdown of growth of the shipbuilding industry," it said in a report. "Exports, on the other hand, will show a faster growth due to growing demand from newly emerging economies." (Yonhap)