Shipbuilders to Demand More Steel Plates

According to Korea Times, South Korean shipbuilders’ demand for steel plates is expected to continue to rise next year due to an increase in orders, an industry body said Monday. The Korea Shipbuilders’ Association forecast the industry’s demand for steel plates will reach 5.4 million tons next year, up 300,000 tons from this year. Industry sources predict the demand for steel plates is likely to amount to 6 million tons by 2008, a steady increase from 4.6 million tons in 2004. South Korea, which dominates the industry’s global market, has the world’s top three shipbuilders: Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries.