Salzgitter, TKS to reduce steel production in Q3
German steel producer Salzgitter announced that it would reduce its steel production by 50'000 tons in the third quarter due to high inventory levels and lower orders, while another German steel producer, ThyssenKrupp Steel (TKS), announced plans to cut production by 200'000 tons in the same quarter. As reported previously by SteelOrbis, Salzgitter cut its production by 100'000 tons for the current quarter. The move followed ThyssenKrupp and Luxembourg-based Arcelor, which cut production by 500'000 tons and 1 million tons for the current quarter respectively due to similar reasons. Analysts point out that despite these production cuts, no decline in the inventories of the European producers is evident.