As the Korea JoongAng Daily reports, crude steel production in Korea is expected to fall below 70 million tons this year for the first time in four years.
However, Korea is expected to remain the sixth largest producer of crude steel in the world. This is due to declining demand for automobiles, ships and construction, which is affecting industry worldwide.
The Korea JoongAng Daily also reports that according to the World Steel Association and Korea Iron & Steel Association, Korea’s crude steel production from January to September was 49.6 million tons. This represents a decrease of 7.5 percent compared to the same period last year.
It was higher than the global average of minus 3.2 percent and better than the minus 19.1 percent in Japan, minus 18.8 percent in the United States and minus 16.5 percent in India. Contrary to the trend, China produced 4.5 percent more steel in this period, due to local government investment in infrastructure.
According to the newspaper, industry experts expect domestic crude steel production to be around 67 million tons this year. The last time production fell below 70 million tons was in 2016, when 68.6 million tons were produced.
Crude steel production is considered a barometer of the competitiveness of a country’s steel industry.
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