Since the opening of POSCO in 1973 with the crude steel production of a million ton, the steel industry has become the world’s 6th largest steel producing nation in 2015 with 68.6 million tons through continuous investment in facility and increase in demand.
The per capita consumption of steel is also number 1 in the world with 1,130kg in 2016 which exceeds 500kg of Germany, 493kg of Japan and 493kg of China.
In 1970, Korea produced 0.1% of crude steel in the world and the production increased to 3.0% in 1990, 5.1% in 2000 and 4.3% in 2016.
Korean Steel Industry’s crude steel production share
(unit : thousand ton, %)
| 1980 | 1990 | 2000 | 2010 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|---|---|
| worldwide | 716.4 | 770.4 | 850.2 | 1,432.8 | 1,665.2 | 1,620.9 | 1,629.6 |
| Korea | 8.6 | 23.1 (3.0) |
43.1 (5.1) |
58.9 (4.1) |
71.5 (4.3) |
69.7 (4.3) |
68.6 (4.3) |
worldsteel
Annotation: () shows the production share in the world.Korean Steel Industry’s crude steel production share
In the past, Korean steel industry had pursued profit maximization through the mass production of crude steel. Since the year 2000, the China’s emergence in the world steel industry has slowed down the production rate of increase as more it geared towards strengthening the competitiveness and introducing high-end products.
However, the operation of Integrated Steel Mill of Hyundai Steel has increased the total steel production and it is believed to elevate the national self-sufficiency in steel marking the second crucial turning point of history of Korean steel industry.
