South Korea's crude steel output is expected to rise 11 percent next year on increased capacity, a trade association said Wednesday.
According to the Korea Iron & Steel Association, steelmakers, including POSCO and Hyundai Steel Co., are forecast to produce 64.31 million tons of crude steel next year.
In April, Hyundai Steel, a unit of top automaker Hyundai Motor Group, started its first-ever blast furnace operations in South Korea with an annual production capacity of 4 million tons.
Last month, Hyundai Steel also started its second blast furnace with a capacity of 4 million tons.
Dongbu Steel Co., South Korea's fourth-largest steelmaker, also completed an electric-arc furnace with an annual capacity of 3 million tons in
November of last year.
The association said domestic demand for steel products is expected to rise 3.8 percent to 53.91 million tons.
Exports of steel products are forecast to rise 4.4 percent to 25.79 million tons, and imports of steel to drop 12 percent to 22.02 million tons,
according to the association.
Steel output in South Korea is expected to rise to a record next year on the back of solid demand from auto and appliance makers.
Production of steel products, including hot-rolled coils and heavy plates, is forecast to rise 5.8 percent to 69.1 million tons, the association said.