“韩国钢铁业陷入危机，倒闭和破产潮席卷而来”

Core Viewpoint - The South Korean steel industry is facing its most severe crisis in decades due to a combination of low domestic demand, increased competition from Chinese steel imports, and high tariffs imposed by the U.S. [1][6] Industry Overview - South Korea is the world's sixth-largest steel producer, with a per capita steel consumption of 923.5 kg, the highest globally, highlighting the industry's importance to the country's export-driven economy [1][6] - The crisis has led to the permanent closure of several steel plants, including POSCO's No. 1 steel mill and Hyundai Steel's facility, with many companies halting operations indefinitely [2][4] Market Dynamics - The influx of low-priced Chinese steel has significantly impacted local prices, with hot-rolled steel prices dropping over 30% from 1.2 million KRW (approximately 5820 RMB) to below 800,000 KRW (approximately 3880 RMB) [5][6] - South Korea's crude steel production peaked at 70.42 million tons in 2021 but has since declined, with projections indicating further decreases [5][6] Economic Impact - The downturn in the steel industry has adversely affected related sectors, leading to reduced orders and lower procurement prices for suppliers, creating a ripple effect throughout the economy [5][6] - The POSCO Future M subsidiary has suspended a 1.2 trillion KRW (approximately 58.32 billion RMB) factory project due to tightened budgets, reflecting broader economic challenges [6] Structural Issues - The crisis is exacerbated by long-term structural issues, including a sluggish domestic construction sector and a shift in focus towards high-tech and creative industries, resulting in decreased steel consumption per unit of GDP [7][9] - Employment in traditional manufacturing sectors, including steel, has declined, contributing to regional economic challenges and potential "rust belt" conditions in South Korea [7][9] Global Context - The global steel market is under pressure, with China's steel exports increasing significantly, further complicating South Korea's export environment [9] - The U.S. tariffs, which remain at 50%, continue to impact South Korean steel exports, with a reported 281.4 million USD paid in tariffs from March to December this year [6][9]