Corus to reduce production further
Weak demand, higher imports and rising inventories have led Anglo-Dutch steel producer Corus to announce that it would continue
production cuts into the third quarter.
The company cut
production by 70'000 tons a month in the second quarter, and it will be looking to reduce
production by an additional 90'000 tons per month in the third quarter. This would mean a
production cut of 160'000 tons per month during the third quarter.
The move follows Arcelor, which announced it would continue to reduce steel output. As reported by SteelOrbis last week, German steel producers Salzgitter and ThyssenKrupp announced that they would cut
production by 50'000 tons and 200'000 tons respectively in the third quarter.