South Korean Shipbuilders Demand More Steel

10 August 2009 (Last Updated August 10th, 2009 18:30)

The South Korean shipbuilding sector has emerged as the country’s biggest steel demander, displacing the country’s auto industry. According to the Korea Iron & Steel Association’s (KISA) analysis of steel shipments structure for 2008, the annual steel shipments, which posted 68.869

The South Korean shipbuilding sector has emerged as the country’s biggest steel demander, displacing the country’s auto industry.

According to the Korea Iron & Steel Association’s (KISA) analysis of steel shipments structure for 2008, the annual steel shipments, which posted 68.869 million tons, have only shown a 0.8% year-on-year increase mainly due to the economic recession.

Local steel shipments were estimated at 51.837 million tonnes, which saw a 0.1% decline.

KISA said that shipments for distribution are declining as sales to the shipbuilding and machinery sectors are rise.