South Korea fell exports

The export of metal products of South Korea decreased for the first time in four years in 2013, which is mainly associated with a long decline in the world economy, as the Association of Cores (KOSA) said.

Local metallurgists exported 29.2 million tons of steel products this year, which, compared to 30.5 million tons of last year, indicates a decrease by 4.3 percent, in accordance with KOSA data.

The production of steel in 2013 in South Korea is estimated at 69 million tons, which is 4.2 percent lower compared to the previous year.

"Although large firms, such as Posco and Hyundai Steel, expanded their production capacities, an economic decline in the country and abroad, as well as the instability of electric power industries crushed the steel industry of South Korea," said Kosa official.

He added that the movement of developed countries "on the introduction of trade rules and the weak Japanese yen in relation to local currency also create problems for local steel producers, which makes South Korean goods more expensive abroad and harms firms that compete with Japanese firms. This will still limit the restoration of the industry next year.

KOSA reported that in 2014 the production of steel and export of South Korea is expected to reach 3.8 and 4.1 percent, respectively, with a gradual restoration of demand from technological companies. However, the country's intentions to cut investments in social infrastructure will negatively affect the consumption of steel from the public sector.