S. Korean steel firms to invest $16 bln -ministry

SEOUL, Nov 9 (Reuters) - South Korea's steelmakers plan to spend 18.71 trillion won ($16.02 billion) in capital investments in the next three years on equipment to reduce greenhouse gases and energy consumption, the government said on Monday.

Top executives of the country's steel companies, including the world's fourth-ranked POSCO (005490.KS: Quote, Profile, Research), have said they would spend a total of 6.96 trillion won in capital investments in 2010, the Ministry of Knowledge Economy said in a statement.

In 2011, the companies will invest 5.85 trillion won and another 5.90 trillion won in 2012, the ministry said.

The plan came after Nippon Steel Corp (5401.T: Quote, Profile, Research) and China's Baosteel (600019.SS: Quote, Profile, Research), the world's second- and third-biggest steelmakers, warned of pressure on prices from China ramping up output, even as signs of improved demand bolstered their quarterly earnings. [ID:nSP382787] ($1=1167.6 Won) (Reporting by Cheon Jong-woo; Editing by Greg Mahlich and Jan Paschal)