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Asian stainless production slips on weak demand
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Asian steel mills cut their stainless steel production one by one, due to the decreasing demand.
For example, South Korean Posco has reduced its production by 20 percent since December to the beginning of next year. And it is said that Posco has cut its production by 135,000 tons in the third quarter and the annual production will be about 2 million tons.
Meanwhile, Posco reduced its stainless steel price by 10 percent as well.
In Japan, Nippon Steel and Sumikin Stainless Steel Corp. (NSSC) has announced to cut its stainless steel production in the rest of this financial year. NSSC plans to cut the production of austenitic cold rolled steel sheet and wire rod by 30 percent and 10 percent respectively. But the production of ferrite stainless steel products will be kept the same.
News Date
12/24/2007 7:34:08 AM
reported by
Lisa Yao
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