Korean steel makers increase investments in their facilities

Korean steel makers increase investments in their facilities

Recent market news reveals that, Korean steel producers are planning to increase investments on upgrading or expanding their facilities in 2004. The survey conducted by Korea Iron and Steel Association (KOSA) indicates that Korean steel producers are planning to invest Won 3.06 trillion ($2.7 billion) to their facilities in 2004. This figure indicates an increase of 88%, when compared with Won 1.62 trillion ($1.4 billion) recorded in 2003. The survey also shows that, Korean steel producers are planning to increase investments with the need of expanding their production capacities and producing more value-added products with the purpose of meeting strong demand from China and overseas countries.