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Home Steel News South Korea steel mills facing pressure from oversupply & high tariffs
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South Korea steel mills facing pressure from oversupply & high tariffs

3 Apr 2019 13:21 reported by Joy Liu

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It was reported that South Korean steel manufacturers are currently facing pressures from oversupply and high tariffs imposed by other countries.

According to the OECD Steel Committee, global steel production capacity was around 2.23 billion tons last year, which was down by 0.3% from the previous year, but the global steel production capacity still had an excess of 576 million tons from the actual demand. South Korea was one of the countries with steel oversupply, which had an annual production capacity of 72 million tons last year.

In addition to oversupply, South Korean steel manufacturers are also facing high import tariffs levied by other countries due to the protectionism. The steel mills in South Korea is currently affecting by anti-dumping duties from the US and China, as well as the import tariffs from Mexico.

Therefore, some market participants hoped that South Korean government could protect the domestic steel industry by implementing some measures.

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