Hyundai expects demand recovery in the construction and auto sector in CY’21

The South Korean steelmaker expects steel demand to recover this year, especially in the construction and automobile sector. According to Hyundai Steel –

• Investments in the construction sector are expected to grow marginally by 0.5% to KRW 262.7 trillion in CY’21 as compared to KRW 261.7 trillion in CY’20. Increase in new supplies due to expansion of housing plan is likely to support the growth in construction sector.
• Automobile production in CY’21 may increase by 8.5% to 3.81 mn units as compared to 3.51 mn units in the previous year. During Q1, the company recorded the highest ever auto exports of $27.2 bn.