Global Position
Since the opening of POSCO in 1973 with the crude steel production of a million ton, the steel industry has become the world’s 6th largest steel producing nation in 2019 with 71.4 million tons through continuous investment in facility and increase in demand.
The per capita consumption of steel recorded number 1 in the world since 2001 with 1,082kg, and 1,053kg in 2019 which exceeds 628kg of China, 508kg of Japan, 306kg of United States.
In 1970, Korea produced 0.1% of crude steel in the world and the production maximized to 5.1% in 2000, 4.1% in 2010 and 3.8% in 2019.
Korean Steel Industry's Crude Steel Production Share
(Unit : Million tonnes, %)
| 1980 | 1990 | 2000 | 2010 | 2015 | 2018 | 2019 | |
|---|---|---|---|---|---|---|---|
| World | 716.4 | 770.4 | 850.2 | 1,432.8 | 1,620.9 | 1,808.4 | 1,869.9 |
| Korea | 8.6 (1.2) | 23.1 (3.0) | 43.1 (5.1) | 58.9 (4.1) | 69.7 (4.3) | 72.5 (4.0) | 71.4 (3.8) |
※ Source : worldsteel
In the past, Korean steel industry had pursued profit maximization through the mass production of crude steel. Since the year 2000, the China’s emergence in the world steel industry has slowed down the production rate of increase as more it geared towards strengthening the competitiveness and introducing high-end products.
Korean Steel Industry’s Steel Demand Share
(Unit : Million tonnes, %)
| 2000 | 2010 | 2015 | 2018 | 2019(e) | |
|---|---|---|---|---|---|
| World | 760.5 | 1,316.6 | 1,505.8 | 1,708.6 | 1,775.0 |
| Korea | 38.3 (5.0) | 52.4 (4.0) | 55.8 (3.7) | 53.7 (3.1) | 53.2 (3.0) |
Source : Worldsteel, based on finished steel products
The steel demand of finished steel recorded number 5 in the world in 2019 and shared 3.0% in the world. In Korea, about 80% of steel demand goes to construction, automotive and shipbuilding industry in every year.