Who are the leading companies in South Korea’s steel industry?
The position of the leading steel company in South Korea is held by POSCO, which is one of the world’s leading crude steel producers. POSCO’s scale of operations dwarfs that of its domestic competitors; nevertheless, the so called Big Three of the South Korean steel industry is comprised of POSCO, Hyundai Steel, and Dongkuk Steel. A subsidiary of Hyundai Motor Group, Hyundai Steel is the second largest steel company in the country. The third member of the Big Three is Dongkuk Steel, which still ranks among the upper echelon of steel companies both domestically and internationally.How has South Korea’s steel industry been performing?
The outbreak of COVID-19 in South Korea has negatively affected the overall economy, including the steel industry. Production levels have decreased across various steel products, such as H-beams, as well as that of crude steel. However, the versatile use of steel ensures the livelihood of the industry for the foreseeable future, even though it might not be completely clear as to when the global economy will fully recover from the fallout of the COVID-19 pandemic.
