South Korea’s steelmakers said they plan to spend SKR18.71 trillion ($16bn) over the next three years in upgrading and expanding facilities

Posco and other domestic steelmakers are expected to spend around SKR6.9tr ($5.9bn) in 2010 following 2009’s estimated SKR10.12tr ($8.7bn), according to the companies.

The steelmakers said they will invest SKR5.85tr ($5.06bn) in 2011 and another SKR5.90tr ($5.1bn) in 2012, adding that the spending will also be aimed at reducing greenhouse gases and energy consumption.

Local steelmakers are expecting steel demand to rise due to increased demand from automakers and shipbuilders.

Source: The Korea Times, 16 Nov 2009