Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
Explore Our Diverse Range Of Offerings
From detailed reports to experts services offered in 15+
Industry Domains
Add 2 More Reports For 20% off
South Korea Steel Market Report Overview
The South Korea steel market reached a volume of 51.36 MMT in 2025 and is projected to expand at a CAGR of around 1.90% during the forecast period of 2026-2035. Hyundai Motor Group's USD 86.5 Billion domestic investment plan (2026-2030), POSCO's green steel hydrogen DRI transition, US tariff pressures redirecting South Korean steel trade strategies, and expanding demand for flat steel products from automotive, shipbuilding, and home appliance sectors are driving South Korea steel market dynamics. The market is expected to reach 62.00 MMT by 2035.
Latest News on the South Korea Steel Market (2026)
April 2026: POSCO and Hyundai Steel Raise Hot-Rolled Coil Prices
According to GMK Center, POSCO and Hyundai Steel raised hot-rolled coil prices for April 2026 sales by approximately 30,000-40,000 won (USD 20-27) per tonne, driven by anti-dumping duties on Chinese imports, supply shortages, and rising iron ore and coking coal costs amid persistent US tariff pressures.
March 2026: South Korea Steel Industry Battles Chinese Competition and US Tariffs
According to UPI, South Korean steel exports for 2026 were projected to decline 2.3% year-over-year amid 50% US tariffs and surging Chinese imports, while POSCO and Hyundai Steel continued executing through March 2026 their USD 5.8 billion Louisiana electric arc furnace mill targeting 2.7 million tonnes annual auto steel capacity.
Key Market Trends and Insights
- The Flat Steel segment is expected to record a CAGR of 2.10% over the forecast period, driven by sustained demand from South Korea's automotive sector for body panels and chassis components, shipbuilding for hull plate steel, and home appliance manufacturers including Samsung and LG for coated and electrical steel produced at POSCO's Pohang and Gwangyang integrated plants.
- The Stainless Steel segment is expected to exhibit a CAGR of 2.80% over the forecast period, driven by growing demand from South Korea's kitchen equipment, medical devices, semiconductor equipment, and precision industrial manufacturing sectors, alongside expansion of the stainless steel export market to Southeast Asia, the Middle East, and North America.
- The Forged Steel segment is anticipated to register a CAGR of 3.20% over the forecast period, driven by increasing demand for precision applications in aerospace, automotive engine components, and industrial machinery, South Korea's strategic focus on high-value specialised steel merchandise, and SeAH Besteel and KG Steel expanding forged steel product portfolios.
Market Size & Forecast
- Market Size in 2025: 51.36 MMT
- Projected Market Size in 2035: 62.00 MMT
- Compound Annual Growth Rate (CAGR) of 2026 to 2035: 1.90%
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
|
South Korea Steel Market Report Summary |
Description |
Value |
|
Base Year |
MMT |
2025 |
|
Historical Period |
MMT |
2019-2025 |
|
Forecast Period |
MMT |
2026-2035 |
|
Market Size 2025 |
MMT |
51.36 |
|
Market Size 2035 |
MMT |
62.00 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
1.90% |
|
CAGR 2026-2035 - Market by Product |
Flat Steel |
2.1% |
|
CAGR 2026-2035 - Market by Genre |
Stainless Steel |
2.3% |
Key Trends and Recent Developments
The South Korea steel market is driven by Hyundai Motor Group's landmark domestic manufacturing investment, POSCO's green steel transition through hydrogen-based direct reduced iron technology, US tariff pressures reshaping Korean steel export strategies, flat steel segment growth for automotive and shipbuilding, and the expanding forged steel segment for aerospace and precision industrial applications.
Hyundai Motor Group announced a landmark USD 86.5 Billion domestic investment plan for South Korea on November 16, 2025, covering the period 2026 to 2030. The investment targets electric vehicle production capacity, AI-enabled advanced manufacturing, robotics, and supply chain reinforcement for tier-1 and tier-2 auto parts and steel suppliers. Hyundai Steel, a key Hyundai Motor Group subsidiary, benefits directly from increased demand for automotive-grade flat steel and structural steel from the group's expanded Korean manufacturing base.
POSCO Holdings accelerated investments in its hydrogen-based Direct Reduced Iron (DRI) pilot plant programme in 2025 as part of its carbon neutrality roadmap targeting net-zero steel production by 2050. POSCO's HyREX (Hydrogen Reduction) technology uses green hydrogen to reduce iron ore without coking coal, eliminating the largest source of carbon emissions in conventional blast furnace steelmaking. The initiative positions POSCO as a global leader in green steel technology alongside ArcelorMittal and SSAB.
The flat steel segment in South Korea is growing at a CAGR of 2.1% over the forecast period, driven by sustained demand from South Korea's automotive sector for body panels and chassis components, shipbuilding for hull plate steel, and home appliance manufacturers including Samsung and LG for coated and electrical steel. POSCO's Pohang and Gwangyang integrated steel plants are the primary producers of hot rolled wide strip, CR coil, and electrical steel for domestic and export flat steel demand.
South Korean steel exports faced significant headwinds in 2025 from the US government's 25% tariff on imported steel products. POSCO Holdings and Hyundai Steel began evaluating investments in US production facilities to sustain access to the US automotive and construction steel market. South Korea's steel exports to the US were projected to decline 1.4% in 2025. The tariff environment prompted South Korean steelmakers to accelerate diversification toward higher-value specialty steel grades and growing Southeast Asian and Middle Eastern export markets.
Flat Steel - Dominant Product Through Automotive and Shipbuilding Demand
Flat Steel is the dominant South Korea steel product through automotive, shipbuilding, and home appliance demand. Hot Rolled Wide Strip is the largest flat steel sub-type through volume. CR Coil/Strip is significant through automotive body panel applications. Electrical Steel is a high-value flat steel sub-type growing through EV motor core demand.
Long Steel - Significant Product Through Construction and Infrastructure
Long Steel is a significant South Korea steel product through construction and infrastructure sector demand. Rebars and Wire Rods are the dominant long steel sub-types through building construction. Heavy Sections are significant through civil engineering and infrastructure projects. Merchant Bars serve industrial fabrication applications.
Carbon Steel - Dominant Genre Through Construction and Automotive Applications
Carbon Steel is the dominant South Korea steel genre through its broad application in construction, automotive, shipbuilding, and industrial manufacturing. POSCO and Hyundai Steel supply carbon steel to domestic and global customers. Stainless Steel is significant through kitchen equipment, medical devices, and precision industrial applications. Others include specialty alloy steels for aerospace and defence.
Forged Steel - Growing Segment Through Precision Aerospace and Automotive Applications
Forged Steel is a growing South Korea steel product through increasing demand for precision applications in aerospace, automotive engine components, and industrial machinery. SeAH Besteel and KG Steel serve South Korea's forged steel segment. South Korea's focus on high-value, specialised steel merchandise supports forged steel segment growth over the forecast period.
Export Market - Significant Through South Korea's Global Steel Trade Position
South Korea is the world's sixth-largest steel producer and a significant global steel exporter to Southeast Asia, the Middle East, China, and North America. POSCO, Hyundai Steel, and SeAH Besteel are the largest exporters. US tariff pressures in 2025 are redirecting Korean steel exports toward growing Southeast Asian construction and infrastructure markets.
South Korea Steel Industry Segmentation
The Expert Market Research's report titled “South Korea Steel Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
- Long Steel
- Breakup by Type
- Wire Rod
- Rebars
- Merchant Bars
- Heavy Sections
- Others
- Breakup by Type
- Flat Steel
- Breakup by Type
- Hot Rolled Wide Strip
- CR Coil / Strip
- Plate
- Color Coated Steel
- Electrical Steel
- Others
- Breakup by Type
- Forged Steel
Key Insight: Flat Steel is the dominant South Korea steel product through automotive and shipbuilding demand. Long Steel is significant through construction. Forged Steel is growing through precision applications.
Market Breakup by Genre
- Carbon Steel
- Stainless Steel
- Others
Key Insight: Carbon Steel is the dominant South Korea steel genre. Stainless Steel is significant through industrial and kitchen applications. Others include specialty alloy steels.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
South Korea Steel Market Share
By Product, Flat Steel is the dominant product in the South Korea steel market
Flat Steel commands the largest South Korea steel product share through dominant demand from the automotive, shipbuilding, and home appliance sectors for hot rolled wide strip, CR coil, and electrical steel produced at POSCO's Pohang and Gwangyang plants. Long Steel is significant through construction and infrastructure sector demand for rebars, wire rods, and merchant bars. Forged Steel is the fastest-growing segment through precision aerospace, automotive engine, and industrial machinery applications.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
By Genre, Carbon Steel is the dominant genre in the South Korea steel market
Carbon Steel commands the largest South Korea steel genre share through broad application in construction, automotive chassis, shipbuilding hull plates, and industrial manufacturing supplied by POSCO and Hyundai Steel domestically and globally. Stainless Steel is significant through kitchen equipment, medical devices, and precision industrial manufacturing demand. Others include specialty alloy steels for aerospace, defence, and semiconductor equipment manufacturing.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Competitive Landscape
The South Korea steel market is highly concentrated, with POSCO Holdings and Hyundai Steel commanding the largest production volumes alongside specialised mid-tier producers including KOSTEEL, Hwanyoung Steel, SeAH Besteel, and KG Steel serving niche product and customer segments.
POSCO Holdings
POSCO Holdings is South Korea's largest steelmaker and one of the world's top five steel companies by annual production volume. POSCO operates the Pohang and Gwangyang integrated steel complexes producing flat steel, electrical steel, and specialty steel products. In 2025, POSCO accelerated its HyREX hydrogen-based DRI green steel pilot investments targeting carbon neutrality by 2050. POSCO is also evaluating US production facility investments in response to the 25% US steel tariff.
Hyundai Steel
Hyundai Steel is South Korea's second-largest integrated steelmaker and a Hyundai Motor Group subsidiary, supplying automotive-grade flat steel, structural steel, and H-beam long steel to domestic and global customers. Hyundai Steel benefits directly from Hyundai Motor Group's USD 86.5 Billion domestic investment plan announced in November 2025. Hyundai Steel's Dangjin integrated plant is one of the world's largest electric arc furnace steel production facilities.
KOSTEEL Co., Ltd.
KOSTEEL Co. Ltd. is a South Korean steel distribution and processing company with a significant market presence through its flat and long steel distribution network and service centres providing cut-to-length and slitting services to manufacturing customers across South Korea.
Hwanyoung Steel Ind. Co., Ltd.
Hwanyoung Steel Ind. Co. Ltd. is a South Korean steel producer and distributor with a significant market presence through its long steel and construction steel product portfolio. Hwanyoung Steel serves South Korea's construction and civil engineering sector customers with rebars, wire rods, and merchant bars. The company operates domestic steel processing facilities and serves the South Korean structural steel distribution market.
Other key players include Dongil Ind. Co. Ltd., Korea Iron and Steel Co. Ltd., SeAH Besteel Corporation, SeAH CSS Corp., KG Steel Co. Ltd., and TCC Steel.co., among others.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Key Findings from the South Korea Steel Market Report
- Detailed analysis of the South Korea steel market from 2019 to 2035, covering product (long steel, flat steel, forged steel) and genre (carbon steel, stainless steel, others) dimensions
- Volume-based market sizing with segment breakdowns across flat/long/forged products and carbon/stainless/specialty genres
- Competitive benchmarking of POSCO Holdings, Hyundai Steel, KOSTEEL, and Hwanyoung Steel covering production capacity and strategic investments
- Analysis of Hyundai Motor Group USD 86.5B investment plan (November 2025), US 25% tariff impact on Korean steel exports (2025), POSCO green steel DRI investment (2025), and flat steel 2.1% CAGR growth (2025)
- Strategic insights for steel producers, industrial manufacturers, and investors on South Korea green steel transition, export diversification, and EV-driven flat steel demand
Why Choose Expert Market Research?
- Steel producers, automotive suppliers, and industrial investors rely on our market intelligence for actionable market insights.
- Reports draw on experienced metals and materials analysts with deep knowledge of South Korea steel market dynamics.
- Whether sizing a steel product type, genre, or export market, our research delivers targeted intelligence.
- Coverage is tailored: a product or production grade analysis can be addressed through customised research.
Call to Action
Our full report for 2026-2035 provides comprehensive volume-based market sizing, segmentation analysis across product type and steel genre, key trends and competitive benchmarking for the South Korea steel market. Coverage spans historical data from 2019 through 2035, equipping steel producers, industrial manufacturers, and investors with targeted intelligence on green steel transition and EV-driven demand. Reach out to our team to access the complete report or request a customised version.
Explore Our Other Steel Industry Reports
Weathering Steel Market
Stainless Steel Market
Structural Steel Market
Electrical Steel Market
Steel Market
Pricing Plans
Upto 15% Off
USD
-
$2499 $2249
-
$3999 $3599
-
$4999 $4249
-
$5999 $5099
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Key Questions Answered in the Report
In 2025, the South Korea steel market reached an approximate volume of 51.36 MMT.
The market is projected to grow at a CAGR of 1.90% between 2026 and 2035.
The market is estimated to witness healthy growth in the forecast period of 2026-2035 to reach a volume of around 62.00 MMT by 2035.
The major drivers of the market are the rising trend towards mart buildings and green construction processes, growing number of infrastructure projects, including urban development, transportation networks, and smart cities, and the ongoing adoption of Industry 4.0 technologies, such as automation, the IoT and 3D printing.
The key trends of the market include green steel, high-strength materials, digitalization, and expanding into emerging markets.
The various products considered in the market report are long steel flat steel, and forged steel.
The various genres considered in the market report are carbon steel, stainless steel, and others.
시장의 주요 기업은 POSCO Holdings, Hyundai Steel, KOSTEEL Co., Ltd., Hwanyoung Steel Ind. Co., Ltd., Dongil Ind. Co., Ltd, Korea Iron & Steel Co., Ltd, SeAH Besteel Corporation, SeAH CSS Corp., KG Steel Co., Ltd., TCC Steel.co. 등입니다.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Genre |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Datasheet
One User
USD 2,499
USD 2,249
tax inclusive*
- Selected Segments
- Printing Restrictions
- Excel Spreadsheet Delivered via Email
- Full Report
- Periodic Updates
- Post Sales Analysts Support
- Unlimited Prints
Single User License
One User
USD 3,999
USD 3,599
tax inclusive*
- All Segments
- Printing Restrictions
- PDF Delivered via Email
- Custom Report Layout
- Post Sales Analysts Support
- Periodic Updates
- Unlimited Prints
Five User License
Five User
USD 4,999
USD 4,249
tax inclusive*
- All Segments
- Five Prints Available
- PDF Delivered via Email
- Limited Free Customization
- Post Sales Analyst Support
- Custom Report Layout
- Periodic Updates
- Unlimited Prints
Corporate License
Unlimited Users
USD 5,999
USD 5,099
tax inclusive*
- All Segments
- Unlimited Prints Available
- PDF & Excel Delivery via Email
- Limited Free Customization
- Post Sales Analysts Support
- Discount On Next Update
- Custom Report Layout
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Bundle Type
Flash Bundle
20% OFF
Number of Reports: 3
Small Business Bundle
25% OFF
Number of Reports: 5
Growth Bundle
30% OFF
Number of Reports: 8
Enterprise Bundle
35% OFF
Number of Reports: 10
Overview
- Life Time Access
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours
- Complimentary Free 1 Month Subscription to Trade Data Base
- Complimentary One Month Subscription to Price Database (Chemicals only)
- Complimentary PPT Version of the Report
- Complimentary License Upgrade
- Complimentary Power BI Dashboards
- Life Time Access
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 50 Hours
- Complimentary Free 1 Month Subscription to Trade Data Base
- Complimentary One Month Subscription to Price Database (Chemicals only)
- Complimentary PPT Version of the Report
- Complimentary License Upgrade
- Complimentary Power BI Dashboards
- Life Time Access
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 80 Hours
- Complimentary Free 1 Month Subscription to Trade Data Base
- Complimentary One Month Subscription to Price Database (Chemicals only)
- Complimentary PPT Version of the Report
- Complimentary License Upgrade
- Complimentary Power BI Dashboards
- Life Time Access
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 100 Hours
- Complimentary Free 1 Month Subscription to Trade Data Base
- Complimentary One Month Subscription to Price Database (Chemicals only)
- Complimentary PPT Version of the Report
- Complimentary License Upgrade
- Complimentary Power BI Dashboards
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Flash Bundle
Number of Reports: 3
20%
tax inclusive*
- 3 Reports Included
- Life Time Acess
- Analyst Support Related to Report
- PDF Version of the Report
- Free 1 Month Subscription to Trade Data Base
- 1 Month Subscription to Price Database (Chemicals only)
- Complimentary Excel Data Set
- PPT Version of the Report
- Power BI Dashboards
- License Upgrade
- Free Analyst Hours
Small Business Bundle
Number of Reports: 5
25%
tax inclusive*
- 5 Reports Included
- Life Time Acess
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 50 Hours
- Free 1 Month Subscription to Trade Data Base
- 1 Month Subscription to Price Database (Chemicals only)
- Complimentary Excel Data Set
- PPT Version of the Report
- Power BI Dashboards
- License Upgrade
Growth Bundle
Number of Reports: 8
30%
tax inclusive*
- 8 Reports Included
- Life Time Acess
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 50 Hours
- Free 1 Month Subscription to Trade Data Base
- 1 Month Subscription to Price Database (Chemicals only)
- License Upgrade
- Free Analyst Hours - 80 Hours
- Power BI Dashboards
Enterprise Bundle
Number of Reports: 10
35%
tax inclusive*
- 10 Reports Included
- Life Time Acess
- Analyst Support Related to Report
- PDF Version of the Report
- Complimentary Excel Data Set
- Free Analyst Hours - 50 Hours
- Free 1 Month Subscription to Trade Data Base
- 1 Month Subscription to Price Database (Chemicals only)
- License Upgrade
- Power BI Dashboards
- Free Analyst Hours - 100 Hours
How To Order
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Strategic Solutions for Informed Decision-Making
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
