The Korea Iron & Steel Association said that Korea's total output of steel will slightly increase in 2012, mainly on growing exports. It added that the country's total steel production will rise 3.1% to 73.86 million tonnes. The anticipated increase marks a significant slowdown from an estimated 8.6% growth in 2011.

The Ministry of Knowledge Economy earlier said the future of the steel industry was one of the gloomiest of all industrial sectors due to a drop in global prices.

The association, however, said the country's exports will likely gain 4.1% YoY to 29.7 million tonnes in 2012 with its domestic consumption of locally produced and imported products rising 1.4% to 56.8 million tonnes.

KOSA said that "Domestic consumption will likely be maintained at similar levels from previous years amid a slowdown of growth of the shipbuilding industry. Exports, on the other hand, will show a faster growth due to growing demand from newly emerging economies."

(Sourced from www.yonhapnews.co.kr)