Monday, January 12, 2009

Nippon Steel could cut output further in downturn

Nippon Steel Corp the world's second-biggest steel maker, is likely to reduce output further as it struggles with weak demand and pressures for price cuts from battered auto makers in the downturn.

"We have said 2 million tonnes, but it probably won't stop there," Chairman Akio Mimura told Reuters on Sunday, referring to its previous plan for production cut in its second half ending March 2009.

Nippon Steel said in November it would slash output by 2 million-2.2 million tonnes in October-March, doubling the reduction size from its initial plan unveiled in October.

Read full story at Reuters.


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