Korea increases capital investments this year

Korea increases capital investments this year

Korea's local steel sector will increase investments this year. Korea Iron & Steel Association stated that the steel companies have a capital investment plan of Won 3.6 trillion ($3 billion) this year. This figure indicates an increase of 88% compared to last year's capital investment of Won 1.6 trillion ($1.4 billion). The increase in investments is attributed to the rise in foreign demand, including the construction boom in China and the increase in raw material costs. Won 1.5 trillion ($1.3 billion) of the total investment will be used for maintenance and repair of mills.