Introduction

  • Chairman's MessageChairman's Message
  • Korea's steel IndustryKorea's steel Industry
  • Position in the Korean Economy
  • Position in the World

Position in the Korean Economy

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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 has increased from 10 trillion won in year 2000 to 35 trillion in year 2014 marking 2.6% of entire industry and 8.5% of manufacturing industry.

The steel industry has been trying to increase the self-sufficiency in steel and to improve the balance of trade by raising the export. As a result, export has increased to USD$34 billion in 2014 from USD$4.2 billion in 1990 marking 6.0% in export of entire industry in Korea.

The National Economy Index of Steel Industry

The National Economy Index of Steel Industry
Classification 1980 1990 2000 2010 2014
GDP
(billion won)
industry 34,490 172,502 538,548 1,053,933 1,354,286
manufacturing industry 8,431 45,920 152,177 319,275 413,170
steel 569 3,940 10,207 31,206 5,049
importance in all industry(%) 1.6 2.3 1.9 3 2.1
importance in manufacturing industry(%) 6.7 8.6 6.7 9.8 8.5
export
(100 million dollars)
industry 175 650 1,723 4,664 5,727
steel 19 42 76 281 346
importance in all industry(%) 11 6.5 4.1 6 6.0
import
(100 million dollars)
industry 223 698 1,605 4,252 5,255
steel 18 41 68 303 293
importance in all industry(%) 8.1 5.9 4.2 7.1 5.6
investment
(billion won)
manufacturing industry 2,318 16,095 24,420 68,653 72,065
steel 457 2,582 1,722 7671 3497
importance in all industry(%) 19.7 16 7.1 11.2 4.9
employment
(thousand)
manufacturing industry 3,333 3,417 4,330
steel 94 92 107
importance in all industry(%) 2.8 2.7 2.5

Date: the Bank of Korea, National Statistical Office, the Korea Development Bank, Korea International Trade Association