Nisshin Steel to reduce steel production by 30%
Nisshin Steel,
Japan's second largest
stainless steel producer, announced that it would reduce its steel
production by 30% in the third quarter of 2005 due to weak demand.
In line with the statement released by the company,
stainless steel
production will be reduced to 40'000 tons a month during the third quarter. Last year, the company produced 56'000 tons a month in the same quarter.
The move follows global
stainless steel producers such as
Germany's ThyssenKrupp and S.
Korea's POSCO, which announced
production cuts for
stainless steel products for the third quarter due to rising inventories.