Domestic Position
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 production of the steel industry is marking 2.3% of the entire industry and 3.4% of the manufacturing industry in 2017.
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$31 billion in 2019 from USD$7.8 billion in 2000 marking 5.7% in export of entire industry in Korea. Similarly, import has trippled to USD$20 billion in 2019 from USD$7 billion in 2000.
Contribution of Steel Industry to the Domestic Industry (%)
| Classification | 2000 | 2010 | 2015 | 2017 | 2019 |
|---|---|---|---|---|---|
| Production | 3.4 | 5.2 | 2.3 | 2.3 | N·A |
| Export | 4.6 | 6.2 | 5.7 | 6.0 | 5.7 |
| Employment | 0.7 | 0.5 | 0.5 | 0.5 | N·A |
Data: the Bank of Korea(Production), Korea International Trade Association(Export), National Statistical Office(Employment)