Dongkuk Steel halts export of steel products
As reported by SteelOrbis yesterday, Korean manufacturing industry requested the government to ban export of steel scrap and bars due to shortage of raw material in domestic market and the Ministry of Commerce, Industry and Energy announced that the exports are halted temporarily. According to the recent news in the market, Korean steel producer Dongkuk Steel announced that it determined to halt export of its products as a solution to the shortage problem in supply of raw material in the country. According to the decision of the producer, 350'000 tons of steel products, which was planned to be exported in 2004, will be sold in domestic market. The decision of Dongkuk Steel pleased local producers fairly, especially at a time when Kore is suffering from shortage of raw material.