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| TITLE |
South Korean February steel output dips by 25% YoY |
| WRITER |
administrator |
DATE |
2009-03-21 10:17:46 |
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South Korean February steel output dips by 25% YoY
Bloomberg reported that South Korea produced 25% less crude steel in February 2009 as the economic slowdown cut demand from automakers and builders.
According to data from the Korea Iron and Steel Association e mailed to Bloomberg “Production declined to 3.15 million tonnes last month from 4.2 million tons a year earlier.”
South Korea imported 1.24 million tonnes of steel products in February 2009 down by 49% YoY and exports fell by 17% YoY to 1.37 million tonnes in February 2009.
Mr Kim Sung Woo GM of KISA’s international department said that “High inventories and rising import costs due to the weaker South Korean won discouraged imports.”
Sourced from Bloomberg |
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