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Nippon Steel plans Q4 production cut

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Japan's Nippon Steel Corp.(NSC) plans to cut production again in the fourth quarter. The company said they are looking to reduce production by around 500, 000 tons again for the fourth quarter in a bid to help support the price and reduce inventory levels. During the third quarter of this year, the company planned to reduce output by around 300, 000 tons, but ended up reducing it by 500, 000 tons. They are planning the same cut for the fourth quarter. JFE Steel Corp. followed suit, announcing it will also trim production by 500,000 tons for the fourth quarter. According to Japan’s Ministry of Economy, trade and Industry (Meti), demand for Japanese steel exports is expected to dip by 3.8 percent to 25.5 million tons. But domestic demand for Japanese steel products will be up by 2.1 percent to 19.94 million tons on account of expanding growth in the Japanese automobile and shipbuilding industries. (Oct. 2)
News Date 03 Oct 2005 14:43:15 reported by Winnie Quant

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