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Korea’s Steel Industry Grew by 7.5% in 2014
Date
2015.03.04

(SEOUL=NEWSIS) Korea became the world’s fifth-largest steel producer in 2014, recording the highest growth rate for crude steel production among East Asian countries, including China and Japan.

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According to the World Steel Association (worldsteel) on January 25, Korea ranked fifth globally for steel production last year, with 71,038,000 tons, a 7.5 percent increase year-on-year.

China is the largest steel producer, with 822 million tons, a 0.9 percent increase year-on-year. Japan produced 116 million tons of steel in 2014, posting a 0.1 percent increase from the previous year.

The global market share of Korean steel companies was 4.3 percent in 2014, a 0.3 percentage point increase year-on-year. China accounted for the largest share, with 49.5 percent in 2014, even though its market share decreased by 0.2 percentage points from the previous year. Apart from others (11.1%) and the EU (10.2%), Japan accounted for 6.7 percent of the global market share in 2014. It was followed by the United States (5.3%), India (5.0%), Korea (4.3%), Russia (4.3%) and the Ukraine (1.6%).

Steel producers around the world produced 1.66 billion tons of steel in 2014, a 1.2 percent increase year-on-year.

By region, Asia produced 1.13 billion tons of steel in 2014, a 1.4 percent increase year-on-year, while North America recorded 121 million tons of steel production, a 2.0 percent increase year-on-year. Regions that have shown a decrease in steel production include Europe (-0.1%), South America (-1.4%), Africa (-0.7%) and Australia/New Zealand (-1.8%).

ijoinon@newsis.com

Source Text

Source: Newsis (January 25, 2015)

** This article was translated from the Korean.

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