Nisshin Steel to reduce steel production by 30%

Nisshin Steel to reduce steel production by 30%

Nisshin Steel, Japan's second largest stainless steel producer, announced that it would reduce its steel production by 30% in the third quarter of 2005 due to weak demand. In line with the statement released by the company, stainless steel production will be reduced to 40'000 tons a month during the third quarter. Last year, the company produced 56'000 tons a month in the same quarter. The move follows global stainless steel producers such as Germany's ThyssenKrupp and S. Korea's POSCO, which announced production cuts for stainless steel products for the third quarter due to rising inventories.