Friday, November 07, 2008

Germany's Largest Steelmakers Cut Output

ThyssenKrupp and Salzgitter, Thursday announced production cuts in steel production due to slowing demand.
The companies' comments came a day after ArcelorMittal (MT), the world's largest steel maker by volume, said it would cut European flat carbon steel production by more than 30%, and its global output of that by 35% in the fourth quarter of 2008.
Steelmakers around the world have seen falling steel prices in recent months amid declining demand from the automotive, construction and metalworking industries as worries over a global recession are increasing.
"Demand for flat products made from quality steel has dropped considerably more than expected in recent weeks," said ThyssenKrupp Steel, ThyssenKrupp's carbon steel flat products unit, in a written statement.

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