Key Takeaways
- South Korea's nominal steelmaking capacity was 98.2 million metric tons as of 2023.
- POSCO's total steel production capacity stands at 42.6 million tons annually.
- Hyundai Steel's Dangjin plant has a capacity of 21.5 million tons of crude steel.
- South Korea steel exports reached 19.8 million tons in 2022, valued at $28.5 billion.
- POSCO exported 15.2 million tons of steel products in 2023.
- HRC exports from South Korea totaled 8.7 million tons in 2022 to Asia.
- South Korea steel industry revenue was $45.2 billion in 2022.
- POSCO's net profit fell to $1.2 billion in 2023 from $4.5 billion in 2021.
- Average steel selling price was $912 per ton in 2022.
- South Korea's steel imports were 22.4 million tons in 2022, mainly from Japan and China.
- Scrap steel imports reached 18.7 million tons in 2023 for EAFs.
- Hot-rolled coil imports totaled 9.2 million tons in 2022.
- South Korea's crude steel production reached 71.1 million metric tons in 2022, marking a 3.5% increase from 2021 and positioning it as the world's 6th largest producer.
- In 2023, POSCO produced 38.5 million tons of crude steel, accounting for over 50% of South Korea's total steel output.
- South Korea's hot-rolled coil (HRC) production totaled 28.4 million tons in 2022, up 2.8% year-on-year.
Related reading
01 · Category
Capacity And Utilization24 stats
01
South Korea's nominal steelmaking capacity was 98.2 million metric tons as of 2023.
02
POSCO's total steel production capacity stands at 42.6 million tons annually.
03
Hyundai Steel's Dangjin plant has a capacity of 21.5 million tons of crude steel.
04
Utilization rate of steel capacity in South Korea was 72.4% in 2022.
05
SeAH Steel's pipe production capacity is 2.5 million tons per year.
06
South Korea's EAF capacity totals 12.4 million tons, focusing on recycling.
07
Blast furnace capacity utilization dropped to 78% in Q1 2024.
08
POSCO's Gwangyang plant capacity is 21.5 million tons of crude steel.
09
Korea's overall steel capacity utilization rate was 75.1% in 2023.
10
Hyundai Steel's Suncheon plant has 6.5 million tons HRC capacity.
11
Planned capacity expansion at POSCO E&A to 3 million tons by 2025.
12
South Korea idled 5 million tons of BF capacity in 2023 due to losses.
13
Total stainless steel capacity is 3.1 million tons annually.
14
Dongkuk Steel's capacity utilization was 65% in 2022.
15
South Korea's wire rod capacity stands at 6.2 million tons.
16
Heavy plate capacity totals 5.8 million tons per year.
17
Electrical steel capacity increased to 1.2 million tons in 2023.
18
Average capacity utilization for HRC mills was 70.2% in 2022.
19
South Korea's pipe capacity is 4.1 million tons, with 60% for OCTG.
20
POSCO's cold rolling capacity is 13.5 million tons annually.
21
Galvanizing line capacity totals 18.2 million tons in South Korea.
22
Utilization rate for downstream facilities was 68% in 2023.
23
New EAF capacity addition of 2.7 million tons approved in 2024.
24
Structural steel capacity is 3.4 million tons per year.
Interpretation
Capacity And Utilization Interpretation
South Korea held 98.2 million metric tons of nominal steelmaking capacity in 2023 but ran at only a 72.4% utilization rate in 2022, showing that substantial installed capacity is not being fully used even as major producers like POSCO and Hyundai Steel contribute tens of millions of tons annually.
02 · Category
Exports And Trade23 stats
01
South Korea steel exports reached 19.8 million tons in 2022, valued at $28.5 billion.
02
POSCO exported 15.2 million tons of steel products in 2023.
03
HRC exports from South Korea totaled 8.7 million tons in 2022 to Asia.
04
Steel exports to the US were 1.2 million tons in 2023, down 15% due to quotas.
05
Vietnam imported 4.5 million tons of South Korean steel in 2022.
06
Automotive steel exports hit 6.3 million tons in 2023.
07
Shipbuilding steel exports reached 3.1 million tons valued at $4.2 billion in 2022.
08
Cold-rolled exports were 4.2 million tons in 2021.
09
Stainless steel exports totaled 1.8 million tons in 2023 to Europe.
10
Pipe exports to Middle East were 900,000 tons in 2022.
11
South Korea's steel export share to ASEAN was 45% of total in 2023.
12
Galvanized exports increased 7% to 6.8 million tons in 2022.
13
Average steel export price was $850per ton in Q4 2023.
14
Wire rod exports to India totaled 1.1 million tons in 2023.
15
Electrical steel exports for EVs reached 800,000 tons in 2022.
16
Heavy plate exports to shipyards were 2.4 million tons in 2023.
17
South Korea ranked 3rd globally in steel exports with 20.1 million tons in 2022.
18
Construction steel exports fell 10% to 2.9 million tons in 2023.
19
Alloy steel exports valued at $3.5 billion in 2022.
20
Seamless pipe exports hit 650,000 tons to oil markets in 2023.
21
Steel export growth to China was negative 5% at 1.5 million tons in 2022.
22
Color-coated steel exports totaled 1.7 million tons in 2023.
23
EU anti-dumping duties affected 300,000 tons of exports in 2023.
Interpretation
Exports And Trade Interpretation
In 2022 South Korea shipped 19.8 million tons of steel worth $28.5 billion, and even as flows shifted by market, exports still remained large, with 8.7 million tons of HRC going to Asia and U.S. shipments falling to 1.2 million tons in 2023 due to quotas.
03 · Category
Financial And Market Performance20 stats
01
South Korea steel industry revenue was $45.2 billion in 2022.
02
POSCO's net profit fell to $1.2 billion in 2023 from $4.5 billion in 2021.
03
Average steel selling price was $912per ton in 2022.
04
Hyundai Steel's EBITDA margin was 8.4% in 2023.
05
Total industry investment in R&D was $2.1 billion in 2022.
06
Steel market cap of major firms totaled $35 billion in 2023.
07
Domestic steel consumption was 58.3 million tons in 2022.
08
Automotive sector consumed 22% of steel output in 2023.
09
Construction steel demand grew 3% to 15.1 million tons in 2022.
10
Shipbuilding steel market share is 25% globally for Korea steel.
11
Steel price index rose 25% in 2021 to 145 points.
12
Industry debt-to-equity ratio averaged 0.65 in 2023.
13
POSCO dividend yield was 4.2% in 2022.
14
Market concentration: top 3 firms control 85% of production.
15
Steel exports revenue declined 18% to $23.4 billion in 2023.
16
Operating profit for industry was $5.8 billion in 2022.
17
Employment in steel sector: 120,000 direct jobs in 2023.
18
Appliance steel demand up 6% to 4.2 million tons in 2022.
19
HRC domestic price averaged 950,000 KRW per ton in 2023.
20
Carbon emission trading scheme cost steel firms $450 million in 2022.
More related reading
04 · Category
Imports And Supply Chain21 stats
01
South Korea's steel imports were 22.4 million tons in 2022, mainly from Japan and China.
02
Scrap steel imports reached 18.7 million tons in 2023 for EAFs.
03
Hot-rolled coil imports totaled 9.2 million tons in 2022.
04
Japan supplied 35% of South Korea's steel imports, or 7.8 million tons in 2023.
05
Iron ore imports for steelmaking were 72.5 million tons in 2022.
06
Coal coking imports hit 38.2 million tons in 2023.
07
Stainless slab imports were 1.1 million tons from Indonesia in 2022.
08
Billet imports increased 12% to 2.3 million tons in 2023.
09
China accounted for 28% of steel imports at 6.3 million tons in 2022.
10
Average import price for HRC was $720per ton in 2023.
11
Semi-finished steel imports totaled 4.5 million tons in 2021.
12
POSCO imported 10 million tons of raw materials for supply chain in 2023.
13
Wire rod imports were 850,000 tons mainly from CIS countries in 2022.
14
Nickel ore imports for stainless steel reached 2.1 million tons in 2023.
15
Safeguard measures reduced imports by 1.2 million tons in 2022.
16
Ferroalloys imports valued at $1.8 billion in 2023.
17
Plate imports for shipbuilding were 1.4 million tons in 2022.
18
Recycled scrap import dependency is 90% for EAF production.
19
Limestone and dolomite imports totaled 15 million tons in 2023.
20
Supply chain disruptions increased import costs by 15% in 2022.
21
Cold-rolled imports hit 2.8 million tons from ASEAN in 2023.
05 · Category
Production And Output30 stats
01
South Korea's crude steel production reached 71.1 million metric tons in 2022, marking a 3.5% increase from 2021 and positioning it as the world's 6th largest producer.
02
In 2023, POSCO produced 38.5 million tons of crude steel, accounting for over 50% of South Korea's total steel output.
03
South Korea's hot-rolled coil (HRC) production totaled 28.4 million tons in 2022, up 2.8% year-on-year.
04
Cold-rolled coil production in South Korea was 12.7 million tons in 2021, driven by automotive sector demand.
05
Galvanized steel sheet production hit 15.2 million tons in 2022, with exports comprising 40% of output.
06
South Korea's wire rod production stood at 4.8 million tons in 2023, primarily for construction applications.
07
In Q1 2024, crude steel production was 17.9 million tons, a 1.2% decline from Q1 2023 due to high energy costs.
08
POSCO's electric arc furnace (EAF) production contributed 2.1 million tons in 2022, emphasizing green steel initiatives.
09
Hyundai Steel's crude steel output reached 20.3 million tons in 2023, focusing on high-strength automotive steels.
10
South Korea's stainless steel production was 2.45 million tons in 2022, with 60% for domestic appliance use.
11
Seamless pipe production totaled 1.2 million tons in 2021, largely exported to oil & gas sectors.
12
In 2023, South Korea's steel billet production was 3.6 million tons, supporting rerolling mills.
13
Structural steel beam production hit 1.8 million tons in 2022, driven by infrastructure projects.
14
South Korea produced 9.5 million tons of electrical steel in 2023 for EV motors and transformers.
15
Scrap-based steel production increased to 15% of total output in 2022, or 10.7 million tons.
16
In 2021, API-grade line pipe production was 850,000 tons, mainly for energy pipelines.
17
South Korea's heavy plate production reached 4.2 million tons in 2023, for shipbuilding.
18
Color-coated steel sheet output was 2.9 million tons in 2022, up 5% for construction.
19
In Q4 2023, crude steel production fell 4.1% to 17.2 million tons amid weak demand.
20
POSCO's high-grade steel for semiconductors produced 500,000 tons in 2023.
21
South Korea's crude steel production per capita was 1.38 tons in 2022.
22
Steel bar and rod production totaled 7.1 million tons in 2021.
23
In 2023, thin slab caster output contributed 8.4 million tons to total production.
24
South Korea's alloy steel production was 3.2 million tons in 2022 for automotive.
25
Rail steel production reached 250,000 tons in 2023 for high-speed rail.
26
South Korea's blast furnace output was 55.3 million tons in 2022.
27
Direct reduced iron (DRI) production was minimal at 50,000 tons in 2023.
28
In 2021, South Korea produced 1.1 million tons of tool steel.
29
Steel section production hit 2.3 million tons in 2022.
30
Quarterly steel production averaged 17.8 million tons in 2023.
report visual · Comparison
South Korea Steel Industry Statistics statistics snapshot
Selected headline statistics from verified sources for a stable visual baseline.
Blast furnace capacity utilization dropped to 78% in Q1 2024.78%
Korea's overall steel capacity utilization rate was 75.1% in 2023.75.1%
Utilization rate of steel capacity in South Korea was 72.4% in 2022.72.4%
Average capacity utilization for HRC mills was 70.2% in 2022.70.2%
Dongkuk Steel's capacity utilization was 65% in 2022.65%
South Korea's pipe capacity is 4.1 million tons, with 60% for OCTG.60%
Reference
Cite This Report
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APA
David Sutherland. (2026, February 13). South Korea Steel Industry Statistics. Gitnux. https://gitnux.org/south-korea-steel-industry-statistics
MLA
David Sutherland. "South Korea Steel Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/south-korea-steel-industry-statistics.
Chicago
David Sutherland. 2026. "South Korea Steel Industry Statistics." Gitnux. https://gitnux.org/south-korea-steel-industry-statistics.
Sources & references
25 datasets cited across this report · attribution is report-level