The Ministry of Knowledge Economy earlier said the future of the steel industry was one of the gloomiest of all industrial sectors due to a drop in global prices.

The association, however, said the country's exports will likely gain 4.1% YoY to 29.7 million tonnes in 2012 with its domestic consumption of locally produced and imported products rising 1.4% to 56.8 million tonnes.

KOSA said that "Domestic consumption will likely be maintained at similar levels from previous years amid a slowdown of growth of the shipbuilding industry. Exports, on the other hand, will show a faster growth due to growing demand from newly emerging economies."

Source: Yonhap