South Korea's steel industry made a strong start to 2024 after a strong performance in 2023.
In January 2024, South Korea's crude steel production increased by 1.5% year-on-year to 5.7 million tons. South Korea produced a total of 66 million tons of crude steel in 2023.
Hot-dip galvanized sheet production reached 710,000 tons in January 2024, up 11% from the same period last year. South Korea's hot-dip galvanized sheet production in 2023 was 7.8 million tons, up 9.9% from 2022. The highest production was recorded in July at 710,000 tons.
Steel pipe production showed an equally impressive increase. From 4.6 million tons in 2023, production rose 13% year-on-year to 431,000 tons in January 2024. The highest production in 2023 was 430,000 tons in March.
Slab production followed a similar trend. The 778,000 tons recorded in January 2024 was 11.7% higher than the same period last year. In 2023, production was 8.8 million tons, up 5% year-on-year, with the highest production recorded in March at 797,000 tons.
These data show that South Korea's steel industry has entered 2024 with strong momentum. This achievement indicates that the country can continue to strengthen its position in the global steel market.
South Korea's steel industry is expected to continue its growth in 2024. The recovery of the global economy and increased investment in infrastructure will continue to support steel demand. South Korean mills' strong production capacity and technological innovation are also among the factors that will support the sector's growth.
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