South Korea’s steel sector recorded crude steel output of 70.8 million metric tons in 2022 and ranked sixth globally. Korea also consumed 64.2 million metric tons of steel that year, with construction accounting for 16 million tons, or 25% of total demand. The gap between that production scale and shifting trade volumes frames the sector’s near-term pressure on costs and margins.
Key Takeaways
- POSCO Holdings revenue from steel segment was KRW 65.2 trillion in 2022
- Apparent steel consumption in South Korea reached 64.2 million metric tons in 2022
- In 2022, South Korea produced 70.8 million metric tons of crude steel, ranking 6th globally
- Korea's steel CO2 emissions totaled 180 million tons in 2022
- Korea's steel exports totaled 19.2 million metric tons in 2022, valued at USD 28.5 billion
Korean steel production continues to grow, signaling stronger demand and improving industry momentum.
Related reading
01 · Category
Financial Performance25 stats
01
POSCO Holdings revenue from steel segment was KRW 65.2 trillion in 2022
02
Hyundai Steel's net profit reached KRW 1.8 trillion in 2022, up 150%
03
Korea steel industry EBITDA margin averaged 18.5% in 2022
04
POSCO's steel sales volume generated KRW 42.1 trillion revenue 2022
05
Dongkuk Steel reported operating profit of KRW 0.9 trillion 2022
06
National steel industry capex investment totaled USD 4.2 billion in 2022
07
SeAH Steel's revenue from steel pipes was KRW 5.6 trillion 2022
08
POSCO debt-to-equity ratio improved to 0.45 in 2022
09
Hyundai Steel capex on facilities KRW 2.1 trillion 2022
10
Korea steelmakers' average ROE was 12.3% in 2022
11
Union's Steel net sales KRW 8.7 trillion with 10% margin 2022
12
Steel industry R&D expenditure KRW 1.2 trillion in 2022
13
POSCO's export revenue share 45% of total steel sales 2022
14
Dongkuk's EBITDA KRW 1.4 trillion record high 2022
15
Korea Iron & Steel Assoc. members' total assets KRW 250 trillion 2022
16
Hyundai Steel's cash reserves grew to KRW 4.5 trillion 2022
17
POSCO dividend payout ratio 25% yielding 3.2% in 2022
18
Steel sector market cap totaled USD 50 billion end-2022
19
SeAH Besteel profit KRW 0.3 trillion on pipes sales 2022
20
Industry average steel price realization USD 850/ton HRC 2022
21
POSCO's cost per ton crude steel USD 450 in 2022
22
Korea steel firms' tax payments KRW 3.8 trillion 2022
23
Samsung C&T steel trading profit KRW 0.7 trillion 2022
24
Steel industry employment costs KRW 12 trillion for 120k workers 2022
25
POSCO free cash flow positive KRW 2.5 trillion 2022
Interpretation
Financial Performance Interpretation
Despite Hyundai Steel's cash reserves swelling to a comfortable KRW 4.5 trillion and POSCO's debt looking positively svelte at a 0.45 ratio, the entire Korean steel sector still had to sweat out an impressive USD 4.2 billion in capex last year just to stay ahead of a volatile market where a mere USD 400 spread per ton was all that separated their costs from their average sales price.
02 · Category
Market Size and Consumption25 stats
01
Apparent steel consumption in South Korea reached 64.2 million metric tons in 2022
02
Domestic steel use per capita in Korea was 1,240 kg in 2022
03
Automotive sector consumed 18.5 million tons of steel in Korea 2022
04
Shipbuilding industry steel demand was 12.1 million tons in 2022
05
Construction sector accounted for 25% of Korea's steel consumption at 16 million tons in 2022
06
Household appliances steel use totaled 3.8 million tons in Korea 2022
07
Machinery sector steel consumption was 8.4 million tons in 2022
08
Korea's steel market size valued at USD 45.2 billion in 2022
09
Finished steel products consumption hit 55.6 million tons in 2022
10
Electrical equipment sector used 4.2 million tons steel in Korea 2022
11
Steel inventory levels in Korea averaged 4.5 million tons in 2022
12
Automotive steel sheet demand grew 3.5% to 14.2 million tons in 2022
13
Ship plate consumption reached 7.8 million tons amid global orders in 2022
14
Structural steel use in construction was 9.1 million tons in 2022
15
Cold-rolled coil consumption totaled 10.3 million tons in Korea 2022
16
Steel pipe demand for energy sector was 2.9 million tons in 2022
17
Furniture and miscellaneous steel use was 1.7 million tons in 2022
18
Korea's steel intensity ratio (steel/GDP) was 45 kg per USD 1000 in 2022
19
HRC consumption in Korea reached 22.4 million tons in 2022
20
Stainless steel consumption grew to 2.1 million tons in 2022
21
Steel scrap consumption for domestic use was 28.7 million tons in 2022
22
Container manufacturing steel demand was 1.8 million tons in 2022
23
Electrical steel sheet use hit 0.9 million tons in Korea 2022
24
Rebar consumption in construction sector was 6.4 million tons 2022
25
Wire rod for automotive was 2.3 million tons consumed in 2022
Interpretation
Market Size and Consumption Interpretation
While South Korea's steel consumption paints a picture of a nation structurally sound (building, shipbuilding, and driving forward), its true mettle is found in the 1,240 kilos of steel per capita that underscores a society industriously welded together from its infrastructure down to its household appliances.
03 · Category
Production and Capacity29 stats
01
In 2022, South Korea produced 70.8 million metric tons of crude steel, ranking 6th globally
02
POSCO Holdings achieved a crude steel production of 42.35 million tons in 2022, up 5.2% from 2021
03
Hyundai Steel's crude steel output reached 22.1 million tons in 2022, representing 31% of national production
04
Korea's hot-rolled coil (HRC) production totaled 28.4 million tons in 2022
05
In Q4 2023, crude steel production in Korea was 17.9 million tons, down 2.1% QoQ
06
POSCO's blast furnace capacity utilization rate was 92% in 2022
07
SeAH Steel produced 1.2 million tons of steel pipes in 2022
08
Korea's electric arc furnace (EAF) production contributed 15% of total crude steel in 2022
09
Dongkuk Steel's crude steel production hit 7.8 million tons in 2022
10
National steel slab production reached 32.6 million tons in 2022
11
POSCO's Pohang Works produced 24.5 million tons of crude steel in 2022
12
Korea's pig iron production was 48.2 million tons in 2022
13
Union's steel production facility in Dangjin output 6.5 million tons in 2022
14
Korea's direct reduced iron (DRI) production was 0.8 million tons in 2022
15
POSCO E&C contributed to 10% capacity expansion in Korean steel plants by 2023
16
Hot briquetted iron (HBI) production in Korea totaled 0.5 million tons in 2022
17
Korea Iron & Steel Association reported BOF steelmaking share at 85% in 2022
18
Samsung C&T's steel processing output was 4.2 million tons in 2022
19
Korea's wire rod production reached 5.1 million tons in 2022
20
POSCO's Gwangyang Works had 21.8 million tons crude steel capacity utilization at 95% in 2022
21
Steel plate production in Korea was 12.3 million tons in 2022
22
Korea's stainless steel crude production was 2.4 million tons in 2022
23
Hyndai Steel's Dangjin plant produced 20.5 million tons capacity in 2023
24
National steel bar production totaled 4.8 million tons in 2022
25
POSCO International traded 15 million tons of steel products internally in 2022
26
Korea's galvanized steel sheet production was 9.7 million tons in 2022
27
Steel section production reached 3.2 million tons in Korea 2022
28
Korea's total steelmaking capacity stood at 120 million tons per annum in 2023
29
POSCO's high-strength steel production increased 12% to 1.5 million tons in 2022
Interpretation
Production and Capacity Interpretation
While POSCO appears to be the undisputed heavyweight champion of Korean steel, flexing with over half the nation's output, the entire industry is a carefully balanced ecosystem of giants and specialists, all humming along at near-full capacity to forge everything from the spine of skyscrapers to the shell of your new car.
More related reading
04 · Category
Sustainability and Innovation24 stats
01
Korea's steel CO2 emissions totaled 180 million tons in 2022
02
POSCO achieved 25% reduction in carbon intensity per ton steel by 2022 vs 2015
03
Korea steel industry's renewable energy use reached 12% of total in 2022
04
Hydrogen-based steelmaking pilot by POSCO produced 1,000 tons DRI in 2022
05
Scrap recycling rate in Korean steelmaking 22% in 2022
06
POSCO's Green Steel Initiative targets net-zero by 2050 with 30% green H2 by 2030
07
Energy efficiency improved 15% in Korean steel plants since 2015 to 2022
08
CCUS projects in Korea steel captured 0.5 million tons CO2 in 2022 pilot
09
Water recycling rate 98% in POSCO plants in 2022
10
Electric furnace share targeted to rise to 30% by 2030 from 15% 2022
11
POSCO patented 50 new eco-friendly steel alloys in 2022
12
SOX emissions reduced 40% industry-wide to 2022 baseline
13
Bio-coke trials reduced coke use 10% in POSCO tests 2022
14
Korea steel R&D on high-Mn austenitic steel for lightweighting EVs 2022
15
NOx emissions cut 35% to 120,000 tons in steel sector 2022
16
POSCO's HyREX hydrogen reduction tech scaled to 120,000 tons/yr by 2023
17
Industry invested KRW 500 billion in green tech 2022
18
Quenching Self-Tempering (QST) steel innovation saved 20% energy 2022
19
Steel dust recycling rate 95% in Korea 2022
20
Carbon capture pilot at POSCO Gwangyang stored 10,000 tons CO2 2022
21
Eco-friendly galvanized steel production up 18% to 8 million tons 2022
22
AI-optimized blast furnace operations cut energy 5% across industry 2022
23
POSCO Future M battery steel recycling loop closed for 50,000 tons 2022
24
Korea steel GHG intensity 1.8 tCO2/t crude steel in 2022
Interpretation
Sustainability and Innovation Interpretation
Korea's steel industry is diligently forging a greener future, from POSCO's hydrogen ambitions to industry-wide efficiency gains, proving that even a sector as heavy as steel can lighten its carbon footprint with a combination of sharp innovation and serious investment.
05 · Category
Trade (Exports/Imports)25 stats
01
Korea's steel exports totaled 19.2 million metric tons in 2022, valued at USD 28.5 billion
02
POSCO exported 14.7 million tons of steel products in 2022
03
Steel imports into Korea were 28.9 million tons in 2022
04
Top export destination for Korean steel was China with 4.2 million tons in 2022
05
HRC exports from Korea reached 8.5 million tons in 2022
06
US imposed safeguard quotas limiting Korean steel exports to 2.5 million tons in 2022
07
Vietnam imported 3.1 million tons of Korean steel in 2022
08
Cold-rolled steel exports totaled 4.8 million tons from Korea 2022
09
Japan was Korea's largest steel import source with 5.6 million tons in 2022
10
POSCO's galvanized steel exports hit 3.9 million tons in 2022
11
EU anti-dumping duties affected 1.2 million tons Korean steel exports in 2022
12
India imported 2.4 million tons Korean steel pipes in 2022
13
Korea's steel trade surplus was USD 5.3 billion in 2022
14
Stainless steel exports from Korea were 1.1 million tons in 2022
15
China supplied 12.4 million tons semi-finished steel to Korea 2022
16
Automotive steel exports to US totaled 2.7 million tons in 2022
17
ASEAN region took 6.8 million tons Korean steel exports 2022
18
Steel wire rod exports reached 1.6 million tons in 2022
19
Indonesia imported 1.9 million tons Korean HRC in 2022
20
Korea's billet imports were 4.3 million tons mainly from Russia 2022
21
Line pipe exports hit 0.8 million tons to Middle East 2022
22
Steel plate exports to shipbuilders abroad 3.2 million tons 2022
23
POSCO International handled 70% of Korea's steel exports volume in 2022
24
Australia's steel imports from Korea 0.7 million tons 2022
25
Rebar exports totaled 2.1 million tons despite quotas 2022
Interpretation
Trade (Exports/Imports) Interpretation
While Korea proudly exported a mountain of steel (19.2 million tons), it quietly imported an even larger mountain (28.9 million tons), revealing an industrial giant that is both a powerhouse exporter and a voracious consumer, all while deftly navigating a global minefield of quotas and tariffs.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Christopher Morgan. (2026, February 13). Korean Steel Industry Statistics. Gitnux. https://gitnux.org/korean-steel-industry-statistics
MLA
Christopher Morgan. "Korean Steel Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korean-steel-industry-statistics.
Chicago
Christopher Morgan. 2026. "Korean Steel Industry Statistics." Gitnux. https://gitnux.org/korean-steel-industry-statistics.
Sources & references
48 datasets cited across this report · attribution is report-level