ID :
150605
Sun, 11/21/2010 - 11:18
Auther :

Steel consumption forecast to jump about 20 pct this year


SEOUL, Nov. 21 (Yonhap) -- Domestic steel consumption is expected to rise nearly
20 percent this year, driven by a revival in manufacturing industries, according
to government and industry officials Sunday.
South Korea's annual steel consumption is estimated to reach 53.6 million tons
this year, up 18.1 percent from a year ago, according to officials at the
Ministry of Knowledge Economy and steelmakers.
This year's local steel production is forecast to increase 18.2 percent from a
year ago to 67.3 million tons, as the country's steelmakers ramped up production
to meet growing demand at home and abroad, the sources said.
Steel exports will be up 16.2 percent on-year to 23.9 million tons this year on
the global recovery, while steel imports will climb 14.6 percent to 23.6 million
tons, they estimated.
Industry sources said that the steel sector showed signs of revival this year,
though the pace of growth began to slow down in the second half.
The growth of local demand for steel, however, is expected to slow down in 2011,
as the downturn in the domestic real estate market will likely offset the rise in
demand from automakers and machinery producers, they said.
Overseas demand, on the other hand, will grow at a faster pace in 2011 than this
year, thanks to the robust demand growth from advanced economies, they forecast.
The World Steel Association estimated global steel consumption in 2011 will rise
5 percent from this year to 1.34 billion tons, helped by growth in the United
States and European countries.
ylee@yna.co.kr
(END)

X