Yonhap reported that Korea's exports of steel products rose to a record high in 2011, buoyed by rising overseas demand and increased production capacity.

According to the Korea Iron and Steel Association, local steelmakers, led by leader POSCO, exported 28.48 million tonnes in 2011, up by 9.3% YoY. Exports accounted for 39.7% of total steel output.

On the other hand, domestic firms imported some 22.96 million tonnes of steel products in 2011, falling by 8.5% YoY. The increased exports were attributable to increased production capacity and overseas demand.

An official at KOSA said that "Increased spending on facility expansion over the past years helped boost overseas sales and reduce imports."

The KOSA predicted that the nation's steel exports would rise 4.1% YoY to 29.65 million tonnes in 2012. But steel imports are expected to decline by 4.6% to 21.91 million tonnes in 2012.

Meanwhile, the country produced 71.62 million tonnes of steel products in 2011, up by 8.6% YoY as they boosted production facilities.

Hyundai Steel Co and other local steelmakers have boosted output capacity over the past few years to meet rising demand and better compete with foreign rivals.

(Sourced from www.yonhapnews.co.kr)