Wednesday, August 21, 2013

[KMTI] Navigating Major End-User Industries : Steel

'12 Exports Up 4.6%; Domestic Demand Seen to Rise in '13

In 2012, steel production stayed at the previous year's level due to stagnation of domestic demand following the economic recession.

The Korea Iron & Steel Association (KOSA) said that the domestic production of steel products recorded 72.91 million tons in 2012, a mere 0.9% year-on-year growth. Crude steel production also stood at 69.40 million tons, up 1.3%.

Exports of steel products in 2012 increased 4.6% year-on-year to 34.30 million tons owing to expanded demand in the United States, ASEAN and the Middle East. In contrast, imports decreased 10.2% to 20.76 million tons due to a slowdown of domestic demand and excess supply in the domestic market.

KOSA projected crude steel production at 71.21 million tons (up 2.6%) and steel goods production at 74.06 million tons (up 1.6%).

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