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Posco, NSSC cut production to stabilize market

17 Sep 2008 16:15 reported by Ivy Wei

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Because the unstable global economy has weakened demand, Korea Posco and Japan's Nippon Steel & Sumikin Stainless Steel Corp. (NSSC) have cut production to reduce the market supply in an effort to stabilize the market.

NSSC has already reached an agreement with the local electric appliance manufacturers; from October of 2008 to March of 2009, the price will rise by around US$297/ton.

Posco cut 20 percent or 25,000 tons of the output of stainless steel in September, the third month that it slashed production. NSSC has been maintaining a rate of 70 percent of the output since June 2007.

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