POSCO to meet Nissan’s steel requirement
As reported by SteelOrbis last week, Japanese firm Nissan announced that it was going to halt operations at some of its car plants for five days starting late this month due to supply shortage. The supply shortage stemmed from the inability of company's major suppliers like Nippon Steel and JFE Holdings to meet company's demand as a result of robust steel consumption in China and a tight supply of raw materials. Nippon Steel was unable to meet Nissan's demand as it was already operating at full capacity. Upon this development, South Korean steel giant POSCO announced that it may be able to supply 50% of Nissan's steel requirement. POSCO officials announced that with the additional supply, POSCO's steel supply to Nissan will reach 100'000 tons this year. The additional steel will reportedly be supplied within two or three months. POSCO officials also added that supply to Japanese auto-maker will not affect its supplies to South Korean auto-makers.