Salzgitter to reduce production by 5-10% in year 2003

Salzgitter to reduce production by 5-10% in year 2003

Market reports reveal that Salzgitter AG, Germany's second largest steel producer, has reduced its output, covering certain hot rolled flat products, beams and coated products, by up to 20% in the last couple of months. This output reduction is believed to be mainly in relation with low steel consumption in several sectors and customers being hesitant to make purchases from high price levels, as well as seasonality. For the whole year, this reduction is expected to account for a decrease of 5-10% in production compared to year 2002.