Korean steel industry to invest over W10 trillion this year

Korean steel industry to invest over W10 trillion this year. Facility investment by Korea's steel industry is expected to exceed W10 trillion this year (US$1=W1,263). This is an increase of more than 40 percent compared to 2008. According to the Korea Iron and Steel Association, the country's steel production capacity is set to top 64 million tons this year and 70 million next year, while spending on research and development will increase by over 8 percent on-year to over W500 billion. This came from the association's survey of 33 member companies to mark Korea's 10th "Steel Day" on Tuesday. The group said this proves that the steel business continues to be a growth engine for Korea's economy.