South Korea’s crude steel production in 2020 is expected to be below 70 million mt, falling below this level for the first time in four years due to the coronavirus, according to market sources’ estimations. The country’s crude steel production this year is foreseen to be in a range from 67 million mt to 68 million mt.
According to the Korea Iron and Steel Association, in the first nine months of the current year South Korea’s steel production totaled 49.55 million mt, falling by 7.7 percent year on year. In 2019, South Korea produced 71.41 million mt of crude steel, down by 1.5 percent, while it produced 72.46 million mt of the given product in 2018, up by two percent, both year on year.
