The steel industry is the nation’s key industry with high impact on the inter-industries and has played a crucial role in the economic growth of Korea by steadily providing materials to demand industry such as automobile, shipbuilding and construction.
The GDP of the steel industry is marking 1.5% of the entire industry and 4.9% of the manufacturing industry.
The steel industry has been trying to increase self-sufficiency in steel and to improve the balance of trade by raising export.
As a result, export has increased to USD$27.7 billion in 2016 from USD$7.6 billion in 2000 marking 5.8% in export of entire industry in Korea.
Similarly, import has trippled to USD$19.4 billion in 2016 from USD$6.8 in 2000. Investment in infrastructure has also increased from 1.7
trillion won in 2000 to 3 trillion in 2016.
Contribution of Steel Industry to the National Economy (%)
| Classification | 1995 | 2000 | 2005 | 2010 | 2016 |
|---|---|---|---|---|---|
| GDP | 2.0 | 1.7 | 2.1 | 2.2 | 1.5 |
| Export | 4.4 | 4.1 | 5.1 | 6.0 | 4.9 |
| Employment (thousand) |
2.1(79) | 2.8(94) | 2.4(81) | 2.7(92) | 2.6 |
Data is based on employment in steel industry within the manufacturing industry in 2014
Data: the Bank of Korea, National Statistical Office, the Korea Development Bank, Korea International Trade Association
