South Korea's steel output falls

South Korea’s steel output falls

South Korea's steel production fell 1.4 percent year on year in the first nine months of the year due to weak domestic demand. South Korea's Iron & Steel Association disclosed that the country's steel production amounted to 46 million metric tons in the first nine months of 2005. Domestic steel sales fell 4.2 percent year on year to 35.1 million metric tons during the same period. On the other hand, steel imports rose 9.3 percent year on year to 14.5 million metric tons during the January-September period. At the same time, steel exports increased 7.3 percent to 16.4 million metric tons. South Korea's steel inventories amounted to 2.3 million metric tons in the first nine months, up 2.4 percent month on month and up 38.5 percent year on year.