According to the preliminary statistics released by the Korea Iron and Steel Association (KISA), the heavy plate exports of South Korea in 2011 totaled 2.68 million mt, up 31 percent year on year. The KISA stated that, due to sluggish demand in the domestic market, South Korean heavy plate exports will continue to rise in 2012, with a predicted increase of 8.2 percent year on year to 2.90 million mt.
Meanwhile, in 2012 South Korean domestic demand for heavy plate is predicted to decline by two percent year on year to 12.30 million mt, with heavy plate imports expected to decrease by 9.3 percent year on year from 4.52 million mt in 2011 to 4.10 million mt.
In addition, the aggregate heavy plate output of the three major domestic heavy plate producers, POSCO, Hyundai Steel and Dongkuk Steel, amounted to 11.10 million mt in 2011, up 3.4 percent from 10.74 million mt in 2010.