Demand for S. Korean steel products to rise next year
The data issued by the Korea Iron and Steel Association shows that domestic and overseas demand for South Korean steel products is expected to increase next year due to the revival in the production of local automobile, electronics and machinery sectors. Overall demand for local steel products will rise by 1.5% year-on-year to 62.8 million tons in 2005. Domestic demand and inventories are expected to reach 47.4 million tons with a rise of 1.6% while exports will amount to 15.4 million tons, indicating a rise of 1.5%. Output by the world's fifth-largest steel producer POSCO and other domestic steel companies is expected to reach 55.7 million tons with a rise of 2.4% year-on-year.