'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%).