JFE Steel to reduce sheet production

JFE Steel to reduce sheet production

Japanese steelmaker JFE Steel announced plans to reduce its sheet production for domestic sales by 300'000-400'000 tons in the second half of fiscal 2005, ending March, 2006. The company indicated that high level of stocks necessitates a production cutback. For this purpose, JFE will reduce crude steel production during October-December period. The company will keep an eye on its stocks during January-February period, and will reduce production further if necessary. As previously reported by SteelOrbis, another Japanese steelmaker Nippon Steel announced that it would slash its sheet output by 800'000 tons during the second half of its fiscal year ending March 2006.