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World steel No.3 JFE speeding up an outputs cut in shutting a blast furnace as the global downturn bites. A year ago the steel industry could not keep up with demand. But orders from automakers and other customers are plunging GFE will cut output 25% in the 2nd half of this year. All the government forecast a record 32% drop in total Japanese output over the next 3 months.
With production at its lowest in 40 years overall JFE will be the 1st Japanese steel maker to idel one of its nine blast furnaces from the Jan. although no job cuts are planned. No.2 Nippon Steel says it will decide soon on its own output measures but currently only manufactures about half of JFE's levels.
Auto demand makes up 30% of Japanese steel maker business, and falling car sales for Toyota and other players will likely mean plunging steel prices and production. Toyota report it will seek a 30% cut in prices from Nippon Steel from next year which could save the world No.1 some $3 billion as it now struggles with profit ability.
D.Slone Reuters Tokoy.
World steel No.3 JFE speeding up an outputs cut in shutting a blast furnace as the global downturn bites. A year ago the steel industry could not keep up with demand. But orders from automakers and other customers are plunging GFE will cut output 25% in the 2nd half of this year. All the government forecast a record 32% drop in total Japanese output over the next 3 months.
With production at its lowest in 40 years overall JFE will be the 1st Japanese steel maker to idel one of its nine blast furnaces from the Jan. although no job cuts are planned. No.2 Nippon Steel says it will decide soon on its own output measures but currently only manufactures about half of JFE's levels.
Auto demand makes up 30% of Japanese steel maker business, and falling car sales for Toyota and other players will likely mean plunging steel prices and production. Toyota report it will seek a 30% cut in prices from Nippon Steel from next year which could save the world No.1 some $3 billion as it now struggles with profit ability.
D.Slone Reuters Tokoy.