Japanese Nippon Steel announced to lower its output in the six months to March 31 by 2 million tons to 2.2 million tons, the double amount of 1 million tons they estimated on October 29.
The main reason is the decreasing demand from carmakers and builders, according to the company.
Nippon Steel and its rivals are decreasing production greatly. China Steel in Taiwan plans to cut output by about 10 percent next year as economic growth slows. Baosteel, biggest mill in China also has announced to reduce output.
Nippon Steel’s second-half output cuts represent 12 percent of its first-half production of 16.57 million tons on a parent- company basis, excluding subsidiaries and affiliates. Source: Yieh.com
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Thursday, November 27, 2008
10:34 |
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