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Japanese stainless steel mills continue to cut production

12 Oct 2007 18:19 reported by Alex Tsai

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Japanese stainless steelmakers are planning deepen production cuts in response to decline in orders.

Nippon Steel & Sumikin Stainless Steel Co. had reduced its output by 20 percent in August, and the company continued to cut by 25 percent in September and same reduction will remain in October to prevent prices from weakening further.

Nisshin Steel Co. said it will be reducing production by 30 percent per month till the end of this year. Meanwhile, Nippon Metal Industry Co. also slashes its production by 30 percent to bolster prices.

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