Kia Motors is likely to suspend operations from April 23-29 at its three South Korean facilities due to weak export demand stemming from the COVID-19 outbreak.
Exports to Europe and the United States in particular, have been hit, according to media reports, which stated that the decision is yet to be finalised.
South Korea’s exports in the initial 10 days of April fell by 18.6pc, as compared to April 2019.
South Korea’s semi-finished and finished exports in 2019 were 334,024mt and 22.5mn mt, respectively.
During Jan-Mar 2020 period, South Korea exported 137,160mt of semi-finished steel products, up by 42.5pc from 96,249mt in prior year period.
Exports of finished steel products in the period were same at 5.6mn mt. Vehicle and vehicle component shipment during the period declined by 7.1pc and 31.8pc, respectively.