According to the statistics recently released by the Korea Iron & Steel Association, the steel production capacity of 241 steel producers as of the end of 2002 was 48,883 thousand tons, 1,005 thousand tons less than that of 2001. The capacity of the converter furnaces accounted for 56.1 percent and that of the electric furnaces was 43.9 percent. Iron making capacity was 26,130 thousand tons, adding 120 thousand tons by adjusting the capacity of POSCO Kwangyang No. 1 blast furnace to the actual production quantity, which is supplied to POSCO's minimills. Steel making capacity was increased by remodeling and decreased by shutdown of the old facilities including INI Steel's 70 ton electric furnace, resulting in 2.0 percent overall decrease.
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