Jang Seob Yoon
Research expert covering South Korea
Steel industry in South Korea - statistics and facts
South Korea’s well-established steel industry is striving to successfully adapt to the ever-changing business environment. The entwined nature of the industry and its contribution to several manufacturing industries means that the impact of economic uncertainty on a global scale is being felt. Additionally, the emergence of technologies such as artificial intelligence (AI) has shifted the spotlight to semiconductors while demand for steel has stagnated.
How has the South Korean steel industry developed?
Ranking among the leading steel exporters worldwide, the nation has transformed itself from a net importer to a net exporter. As the South Korean economy strived to rebuild itself in the mid-20th century, the importance of steel as a core material for industrialization became apparent. A number of steel manufacturing companies commenced operations, including present-day leaders Hyundai Steel and Dongkuk Steel. As the industry continued to develop, POSCO established South Korea’s first integrated steel mill in the city of Pohang in 1973. Currently, POSCO stands alongside the world’s largest crude steel producers as the leading South Korean steel manufacturer.The push for sustainable steel
In accordance with the Paris Agreement, South Korea is aiming to reduce its greenhouse gas emissions. The energy-intensive process of steel products means that the steel industry accounts for a significant portion of industrial emissions within the country. Within this context, domestic stakeholders regularly publish Environmental, social, and governance (ESG) reports to highlight their efforts towards sustainability as well as engage in carbon pricing initiatives set by the South Korean government.
