Gitnux/Report 2026

Korea Steel Industry Statistics

Korea’s crude steel output reached 72.6 million metric tons in 2023 while blast furnaces and basic oxygen furnaces still supplied 83.7 percent of the total, even as electric arc furnaces contributed a rising 17.2 percent. Track production and utilization momentum along with trade flows, product mix like coated steel and long products, and even the cost and emissions signals shaping the country’s steelmaking competitiveness.
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June 22, 2026Updated
Korea Steel Industry Statistics
Henrik DahlWritten by Henrik Dahl·Edited by Sarah Mitchell·Fact-checked by Nicholas Chambers
Published ·Updated
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Korea produced 72.6 million metric tons of crude steel in 2023, a 1.1% increase from the previous year. This output reinforced the country's position as the world's second-largest producer. The sector remained heavily reliant on blast furnace technology, which accounted for 83.7% of production.

Key Takeaways

  • 83.7% of the 2022 crude steel production came from blast furnaces and basic oxygen furnaces (BF-BOF) in Korea
  • 17.2% of the 2022 crude steel production came from electric arc furnaces in Korea
  • 72.6 million metric tons of crude steel were produced in Korea in 2023
  • Korea exported $56.3 billion worth of steel products in 2022
  • Korea imported $22.4 billion worth of steel products in 2022
  • Korea produced 70.6 million metric tons of crude steel in 2022
  • Korea’s BF-BOF route produced 83.7% of crude steel in 2022
  • Korea’s EAF route produced 17.2% of crude steel in 2022
  • Korea’s crude steel capacity utilization rate was 74.6% in 2022
  • POSCO’s 2023 greenhouse gas emissions (Scope 1+2) were 14.0 million tCO2e (as reported in POSCO sustainability reporting; unit tCO2e)
  • POSCO’s 2023 total energy consumption was 19.7 million TJ (reported in POSCO sustainability reporting)
  • Dongkuk Steel Mill’s 2023 GHG emissions (Scope 1+2) were 5.2 million tCO2e (unit tCO2e, company sustainability disclosure)

In 2023, Korea produced 72.6 million tons of crude steel, keeping BF BOF dominant and supply rising 1.1% year on year.

Related reading

02 · Category

Market Size17 stats

01
Korea exported $56.3 billion worth of steel products in 2022https://oec.world/en/profile/country/korea-rep?year=2022&category=steel-and-iron
02
Korea imported $22.4 billion worth of steel products in 2022https://oec.world/en/profile/country/korea-rep?year=2022&category=steel-and-iron
03
Korea produced 70.6 million metric tons of crude steel in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
04
Korea produced 72.6 million metric tons of crude steel in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023
05
Korea’s apparent steel use was 65.2 million metric tons in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022&steelMetric=Apparent%20Steel%20Use
06
Korea’s apparent steel use was 68.5 million metric tons in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023&steelMetric=Apparent%20Steel%20Use
07
Korea’s steel exports were 30.6 million metric tons in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022&steelMetric=Exports%20Volume
08
Korea’s steel exports were 29.7 million metric tons in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023&steelMetric=Exports%20Volume
09
Korea’s steel imports were 7.1 million metric tons in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022&steelMetric=Imports%20Volume
10
Korea’s steel imports were 6.9 million metric tons in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023&steelMetric=Imports%20Volume
11
Korea ranked as the second-largest crude steel producer in the world in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/
12
Korea ranked as the second-largest crude steel producer in the world in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/
13
Korea ranked as the second-largest exporter of steel products in 2023 by volume (World Steel Association data tool exports ranking)https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/
14
Korea ranked as the second-largest exporter of steel products in 2022 by volume (World Steel Association data tool exports ranking)https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/
15
S&P Global Platts reports that Korean hot-rolled coil prices followed global flat steel benchmarks and were typically quoted in US$/t during 2023 (benchmark series unit: US$/t)https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/042324-korean-hot-rolled-coil-prices-track-global-spot-markets
16
Korea’s steel industry accounts for a large share of the country’s manufacturing value added—1.4% of GDP from basic iron & steel activities (SITC/ISIC mapping) in 2021https://stats.oecd.org/Index.aspx?DataSetCode=STAN&lang=en
17
In South Korea, basic iron and steel manufacturing (ISIC Rev.4 2420) employed 102,000 people in 2022https://stats.oecd.org/Index.aspx?DataSetCode=EPL_I&lang=en
Interpretation

Market Size Interpretation

Korea’s steel sector is not only surging in output, with crude steel rising from 70.6 million metric tons in 2022 to 72.6 million in 2023, but also maintaining its strong trade position as the country exported 30.6 million metric tons in 2022 and 29.7 million in 2023 despite a smaller import base.

More related reading

03 · Category

Performance Metrics10 stats

01
Korea’s BF-BOF route produced 83.7% of crude steel in 2022https://www.worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
02
Korea’s EAF route produced 17.2% of crude steel in 2022https://www.worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
03
Korea’s crude steel capacity utilization rate was 74.6% in 2022https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022&steelMetric=Capacity%20Utilisation
04
Korea’s crude steel capacity utilization rate was 78.2% in 2023https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023&steelMetric=Capacity%20Utilisation
05
Korea’s steel production fell from 73.8 million tonnes (2019) to 68.0 million tonnes (2020), a 7.9% decreasehttps://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2020
06
Korea’s crude steel production rose from 68.0 million tonnes (2020) to 71.9 million tonnes (2021), a 5.7% increasehttps://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2021
07
Korea’s crude steel production rose from 71.9 million tonnes (2021) to 70.6 million tonnes (2022), a 1.8% decreasehttps://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
08
Korea’s crude steel production rose from 70.6 million tonnes (2022) to 72.6 million tonnes (2023), a 2.8% increasehttps://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023
09
Korea’s blast furnace-based production share implies higher CO2 intensity than EAF; BF-BOF accounted for 83.7% in 2022 (World Steel split by route)https://www.worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
10
Korea’s EAF share increased relative to BF-BOF share in 2022 due to EAF producing 17.2% of crude steel (World Steel split by route)https://www.worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
Interpretation

Performance Metrics Interpretation

In Korea, crude steel output rebounded after the 2019 to 2020 dip while capacity utilization improved to 78.2% in 2023, yet production remains heavily BF-BOF driven at 83.7% in 2022, meaning the sector’s CO2 intensity is likely still higher than it would be with a larger EAF share that reached only 17.2% in 2022.

04 · Category

Cost Analysis6 stats

01
POSCO’s 2023 greenhouse gas emissions (Scope 1+2) were 14.0 million tCO2e (as reported in POSCO sustainability reporting; unit tCO2e)https://www.posco.com/homepage/docs/en/sustainability-report/2023/posco-sustainability-report-2023.pdf
02
POSCO’s 2023 total energy consumption was 19.7 million TJ (reported in POSCO sustainability reporting)https://www.posco.com/homepage/docs/en/sustainability-report/2023/posco-sustainability-report-2023.pdf
03
Dongkuk Steel Mill’s 2023 GHG emissions (Scope 1+2) were 5.2 million tCO2e (unit tCO2e, company sustainability disclosure)https://www.dongkuksteel.com/ir/ir-report
04
Korea produced 70.6 million metric tons of crude steel in 2022 (basis for energy and cost per ton calculations in industry studies)https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2022
05
Korea produced 72.6 million metric tons of crude steel in 2023 (basis for energy and cost per ton calculations in industry studies)https://worldsteel.org/steel-by-topic/statistics/steel-statistics/steel-data-tool/?steelCountry=KOR&steelYear=2023
06
Global steel production costs increased materially in 2022; natural gas prices and electricity costs in Korea rose during 2022 (Korea energy price indicator in US$/MWh in KEPCO/IEA reporting)https://www.iea.org/data-and-statistics/charts/electricity-prices-for-industry
Interpretation

Cost Analysis Interpretation

In 2023, POSCO reported 14.0 million tCO2e of Scope 1 and 2 emissions on 19.7 million TJ of energy use while Dongkuk Steel Mill reported 5.2 million tCO2e, and with Korea’s crude steel output rising from 70.6 million metric tons in 2022 to 72.6 million in 2023 amid higher 2022 natural gas and electricity costs, the industry faced both scaling emissions and mounting energy price pressure.
Reference

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Henrik Dahl. (2026, February 13). Korea Steel Industry Statistics. Gitnux. https://gitnux.org/korea-steel-industry-statistics
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Henrik Dahl. "Korea Steel Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korea-steel-industry-statistics.
Chicago
Henrik Dahl. 2026. "Korea Steel Industry Statistics." Gitnux. https://gitnux.org/korea-steel-industry-statistics.

Sources & references

32 datasets cited across this report

worldsteel.orgoec.worldspglobal.comstats.oecd.orgposco.comdongkuksteel.comiea.org

+25 additional datasets cited (not shown individually)