Korea safe as 5th largest producer of steel: KISA

This year, Korean production of crude steel will exceed 50 million tons for the first time, according to the Korea Iron and Steel Association.
Commemorating Steel Day, the association held a memorial event at the Posco Center yesterday,
Already during the first four months of this year, crude steel production amounted to 17 million tons, up 9.6 percent from the same period last year. The association said that the industry would produce 50.1 million tons by the end of the year. Crude steel production in Korea began in 1981, at 10 million tons a year. In 1989, the production capacity grew to 20 million tons, rising to 30 million tons in 1993 and 40 million in 1997.
The association said that operation of new and expanded facilities for special steel accounted for the increase. It also said that Korea would most likely be able to keep its position as the fifth largest steel producer in the world. China, Japan, the United States and Russia are the top four.
The steel group also predicted that due to high demand, Korean production of all types of steel would surpass 70 million tons this year.
“To maintain competitiveness in the global age we must form strategic alliances together with the steel industries in other countries,” said Shim Yoon-soo, vice chairman of association.

By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]