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South Korea Steel
In 1989 South Korea was the world's tenth largest steel
producer, accounting for 2.3 percent of world steel production.
South Korea continued to expand crude steel production--19.3
million tons for 1988, up 14.9 percent over 1987. Domestic demand
for steel products increased 8.5 percent from 15 million tons to
16.3 million tons over the same period because of the growing
demands of South Korean industry. Domestic demand accounted for
70 percent of the total, mostly because of the increased needs of
such steel-consuming industries as automobiles, shipbuilding, and
electronics.
The steel industry grew in the 1970s after the government
constructed the POSCO mill to service Seoul's rapidly growing
automobile, shipbuilding, and construction industries. In 1988
South Korea's steel industry included 200 steel companies. Iron
and steel production was expected to increase in the early 1990s,
given the output increases in domestic user industries. Exports
were likely to be flat or to decline because of decreased
international demand.
Data as of June 1990
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