The world’s largest shipbuilder, Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co. from Korea will increase their steel plate purchase by at least 11 percent to 7.8 million tons during this year.
The shipyards are fulfilling orders won in 2006. New orders for the vessels normally take about as much as three years to build, that demands for steel material by shipyards will remain strong until next year because of the backlogs.
The shipyards said they will buy steel materials from Asia mills, that Posco and Dongkuk Steel Mill Co. of Korea and Baoshan Iron & Steel Co. of China will benefit from the purchases from the economy slowdown.
Hyundai Heavy plans to buy more than 4 million tons ordered in 2008, Samsung Heavy will buy up to 1.8 million tons, 20 percent more than last year, and Daewoo Shipbuilding will buy 2 million tons this year, 33 percent more than last year. Source: Yieh.com