S.Korea steel output to top 70 mln tonnes by 2010

Mon 9 Jun 2008

South Korea's iron and steel production capacity is estimated to reach 70.53 million tonnes a year by 2010, up 18 percent from the current 59.82 million tonnes, an industry association said on Monday.

South Korea, the world's fifth-largest iron and steelmaker, will invest 7.49 trillion won this year in building and upgrading facilities, up 73.2 percent from a year ago, the Korea Iron and Steel Association (KOSA) said in a statement.

The country's steel production topped 10 million tonnes for the first time in 1981.

Earlier in the day, POSCO (005490.KS: Quote, Profile, Research), the world's fourth-largest steelmaker, denied local newspaper reports that it would raise product prices soon to reflect higher raw material costs and a price gap with competitors' offerings.

POSCO sells three-quarters of its products at home.

Shares in the South Korean steel maker were down 0.17 percent to 584,000 won by 0142 GMT, outperforming the wider market's 1.98 percent drop. (Reporting by Angela Moon; Editing by Keiron Henderson)

Source Reuters

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