October 12, 2008

Korea steel output predicted to rise 4.5 % in 2008

Koreatimes reported that the output of South Korea's steel industry is expected to climb 4.5% in 2008 as manufacturers build more furnaces to produce high margin products.

The Korea Iron & Steel Association predicted the nation's steel production will reach a record 59.82 million tonnes in 2008, up from 57.23 million tonnes in 2007.

An official said that "The rise in steel output will help ease concerns over supply.”

South Korea is home to POSCO Co, the world's fifth largest steel maker. Other South Korean steel makers are Hyundai Steel Co, Korea Iron & Steel Co and Dongkuk Steel Mill Co.