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Position in the Korean Economy

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The steel industry is the nation’s key industry with high impact on the inter-industries and has played a crucial role in the economic growth of Korea by steadily providing materials to demand industry such as automobile, shipbuilding and construction.
The GDP of the steel industry is marking 1.5% of the entire industry and 4.9% of the manufacturing industry.

The steel industry has been trying to increase self-sufficiency in steel and to improve the balance of trade by raising export. As a result, export has increased to USD$27.7 billion in 2016 from USD$7.6 billion in 2000 marking 5.8% in export of entire industry in Korea. Similarly, import has trippled to USD$19.4 billion in 2016 from USD$6.8 in 2000. Investment in infrastructure has also increased from 1.7
trillion won in 2000 to 3 trillion in 2016.

Contribution of Steel Industry to the National Economy (%)

Contribution of Steel Industry to the National Economy (%)
Classification 1995 2000 2005 2010 2016
GDP 2.0 1.7 2.1 2.2 1.5
Export 4.4 4.1 5.1 6.0 4.9
2.1(79) 2.8(94) 2.4(81) 2.7(92) 2.6

Data is based on employment in steel industry within the manufacturing industry in 2014
Data: the Bank of Korea, National Statistical Office, the Korea Development Bank, Korea International Trade Association