South Korea to Expand Steel Making Capacity to 74.5M tonnes in 2010, KOSA

South Korean steel products making capacity will increase to 70.531 million tonnes in 2010 compared with 59.82 million tonnes in 2008, according to Korea Iron and Steel Association (KOSA). The crude steel output capacity also increases to 74.531 million tonnes when POSCO ramps up FINEX facility, Hyundai Steel starts the first blast furnace and Dongbu Steel launches new electric furnace. Korean steel industry increases the capital expenditure by 73.2% to 7.492 trillion won in 2008 from previous year when the makers try to expand the capacity and to secure new steel sources. With the aggressive investment, the industry’s output capacity increases by more than 10 million tonnes in 3 years. The steel products output capacity increases to 62.328 million tonnes in 2009 from 59.828 million tonnes in 2008. The crude steel output capacity will increase to 43.498 million tonnes for converter steel and to 31.033 million tonnes for electric furnace steel in 2010.