Dongkuk Steel lowers sales, output forecast for 2005
South Korean steel producer Dongkuk Steel Mills (DSM) lowered its sales and production forecasts for 2005 by 8 percent due to the reduction in prices as a result of increasing production from China. The company reduced its sales forecast to Won 3.3 trillion (approx. $3.25 billion) while it lowered its production forecast to 2.7 million metric tons. The company had previously predicted that its sales would reach Won 3.6 trillion (approx. $3.54 billion) in 2005.