The production value of iron and steel in South Korea has experienced significant fluctuations over the past decade. From a high point in 2013, the value has seen both declines and recoveries. Recent data indicates that the value in 2023 stood at 114.26 trillion South Korean Wons, reflecting a steady increase since 2020. Notable year-on-year variations include a sharp decrease of 15.61% in 2020, followed by a strong recovery of 22.43% in 2021. Over the last two years, the annual growth rates were 1.56% and 1.51%, respectively, suggesting a more stable growth phase. The CAGR over the last five years stands at 1.33%, while the forecasted average annual growth rate for the next five years is 1.18%, totaling a growth of 6.02% by 2028.

Future trends to watch for:

Technological advancements in steel production, potentially lowering costs and increasing output efficiency.
Impact of environmental regulations on production processes and costs.
Global demand shifts, particularly from major markets such as China and the United States.