Tuesday, December 16, 2008

Toyota to seek 30 pct cut in steel price

TOKYO, Dec 16 (Reuters) - Toyota Motor Corp plans to ask Nippon Steel Corp and other steelmakers for a price cut of about 30 percent in light of slower steel and vehicle demand, the Nikkei business daily reported on Tuesday.

The global financial crisis has hammered demand for cars and the raw materials used to build them, and analysts have said a big reduction when steel price negotiations begin early next year was widely expected.

Read the full article at guardian.co.uk

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