This means that total production in the first 11 months of 2023 reached 61.3 million tons. The 11-month period recorded a y-o-y increase of 1.1 percent. South Korea's crude steel output in November ranked sixth in the world, behind China, India and Japan, the United States and Russia. The country's steel production is heavily used in sectors such as automotive, shipbuilding and white goods.
South Korea's rising steel demand and the rise in global steel prices contributed to the increase in November.
According to data released by the World Steel Association, world crude steel production increased by 3.3% yoy to 145.5 million tons in November. This means that total production in the first 11 months of 2023 reached 1,715.1 million tons.
World steel production continues to rise, thanks in particular to production growth in China and India. China's crude steel production increased by 0.4% yoy to 76.1 million tons in November. India's crude steel production increased by 11.4% to 11.7 million tons in the same period.
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