German steel producer ThyssenKrupp AG announced today that it would reduce third quarter
stainless steel
production by a combined 120'000 tons at two of the company's plants in an effort to bring the supply and demand situation back into balance, especially for cold-rolled
stainless strip.
Affected by the cutbacks are ThyssenKrupp Nirosta GmbH in
Germany and ThyssenKrupp Acciai Speciali Terni S.p.A. in
Italy.
The reduction accounts for a 20% cut in ThyssenKrupp's total quarterly
production capacity and will affect both plants to roughly the same extent.
ThyssenKrupp emphasized, however, that no job cuts are planned for the third quarter.