S. Korea's crude steel output seen to dip below 70 mln tons this year

South Korea's production of crude steel is expected to fall below the 70 million-ton mark for the first time in four years in 2020 due to the fallout of the coronavirus pandemic, industry sources estimated Thursday.

Crude steel output of Asia's fourth-largest economy stood at 49.6 million tons in the first nine months of the year, down 7.5 percent from a year earlier, according to the Korea Iron & Steel Association and the World Steel Association.

In light of that, South Korea's full-year output is projected to range from 67 million tons to 68 million tons.

Industry sources said the country's crude steel output is unlikely to exceed 70 million tons this year even though demand is usually brisk in the fourth quarter of every year.