US steelmakers reduce production
Weak demand in March meant that steel prices in the US extended their downward slide to six months. With no immediate pickup in sight, major US steelmakers have begun to scale back their
production.
International Steel Group (ISG), which just recently was bought by Mittal Steel, cut operations at its furnace in Cleveland, Ohio, last week. ISG had re-commissioned the furnace in May 2004.
Nucor Corp. also reduced its
production, and U.S. Steel Corp. plans to take advantage of the market downturn to overhaul its facilities.