Korean Steel Industry will Continue to Face Challenges in 2020 - Heo Dae Young

Mr. Heo Dae Young, Head of Research & Analysis Deptt (Korea Iron & Steel Association) while addressing at Asia Steel Forum in Shanghai, China highlighted that Korean steel industry will continue to face challenges in 2020. Industry is expected to remain under downside pressure due to slowing demand and worsening trade environment.

Opportunities for Korean steel Industry for 2020 lies under an expansion of fiscal policy, diversification of export countries reinforcement of technology & product development.

However, risks are - stricter regulation on the environment , increase of imported goods, global protectionism & trade frictions.

In H1 2019, finished steel production decreased by 2.4% due to weak demand in domestic and abroad. Inventory of makers keeps high level on account of increased imports. Imports from China & Indonesia increased.

Steel exports in H1 2019 fell by 2.9% on falling export to EU & US.

In H12019 construction orders slowed down but shipbuilding demand recovered. Automotive production increased following the introduction of new models and green car.