South Korea rose to rank fifth in the world in steel production last year, beating out Russia against a backdrop of industry-wide oversupply. 

According to the World Steel Association on Monday, global crude steel production reached nearly one-point-nine billion tons for 2018, up four-point-six percent compared to a year earlier. 

China topped the list with its production standing at 928 million tons or more than half of the world’s total production. That figure was up six-point-six percent from 2017. With such growth, China’s share of global crude steel production increased from 50-point-three percent in 2017 to 51-point-three percent in 2018. 

China was followed by India, Japan and the U.S. 

South Korea came in fifth after its crude steel production reached 72-and-a-half million tons last year, up two percent from 2017. Its share of global crude steel production stood at four percent.