S. Korean steel firms to invest 18.7 tln won over next 3 years

SEOUL, Jan. 7 (Yonhap) -- South Korean steelmakers, led by POSCO, plan to spend
around 18.7 trillion won (US$16.52 billion) over the next three years in
upgrading and expanding facilities, an industry association said Thursday.
POSCO and other local steelmakers are expected to spend around 7 trillion won
next year following last year's estimated 10 trillion won, according to the Korea
Iron & Steel Association.
The steelmakers will invest 5.85 trillion won in 2011 and another 5.90 trillion
won in 2012 with the spending also aimed at reducing greenhouse gases and energy
consumption.
Local steelmakers are expecting steel demand to increase down the road on rising
demand from automakers and shipbuilders.
They expect exports of steel products to increase $2 billion to $25 billion this
year, according to the association.
sam@yna.co.kr
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