According to steel makers report to ministry of economy, trade & industry, Japanese raw steel production would decrease to 19.262 million tonnes in January to March 2009 quarter, down by 27% QoQ and down by 37.5% YoY.

The production is the lowest level since fiscal 1970 ended March 1971 when Nippon Steel was formed by Yawata Steel and Fuji Steel. With the low operation, the annual production decreases by 27% to 107.16 million tonnes in fiscal 2008, which is the first drop in 3 years.