S. Korea's crude steel output to rise 15.6 pct this year

SEOUL, July 10 (Yonhap) -- South Korean steelmakers' production of crude steel is expected to increase 15.6 percent from a year earlier to reach 68.12 million tons this year, an industry association said Sunday.
In its second-half outlook on the local steel industry, the Korea Iron & Steel Association estimated that the country's crude steel output had surged 18.3 percent on-year to 34.15 million tons in the first half.
However, growth in crude steel production is likely to slow down in the July-December period, increasing 13 percent on-year to 33.97 million tons.
"Second-half output of crude steel is expected to expand at a slower pace than in the first six months of this year as local steelmakers are set to idle their electric furnaces for repair," the association said.
Domestic demand for steel products is projected to climb 4.8 percent on-year to 26.50 million tons in the latter half, slower than a 5.2 percent growth rate for the first half, it said.
The drop-off in domestic demand was attributed to slowing auto, machinery, electronics and other manufacturing sectors, despite a slight recovery in construction investment.
Output of steel products is estimated to reach 34.60 million tons in the second half of this year, but their exports are likely to decline 13 percent on-year to 13.80 million tons, according to the association.
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