POSCO to cut stainless steel output in 2006
South Korean steel giant POSCO plans to cut its crude
stainless steel output 2.74 percent in 2006 to 1.95 million metric tons due to sluggish demand.
South
Korea's
stainless steel sector has been under pressure, in part because of weakness in the
construction industry.
An official of POSCO said that the company's demand for refined nickel is expected to fall to 65,300 metric tons, down almost 20 percent from 81,300 metric tons in 2005.
"We will slash demand for refined nickel to cut cost. We plan to raise 400-grade
stainless steel output," he added.