Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC), the world's second biggest steel producer, has denied media reports suggesting that the steelmaker will shut down the oldest of its three blast furnaces at its steel mill in Kimitsu within the next several years to cut excess capacity.
The Japanese steelmaker also stated that the reports about the delay regarding the startup of a new blast furnace, with annual capacity of around 700,000 mt, at its Wakayama steel mill are not based on any official announcement made by NSSMC.
The company will announce its mid-term management plan as soon as it is ready.