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| TITLE |
Japan steel output shows first drop in 29 months |
| WRITER |
administrator |
DATE |
2008-11-20 12:42:04 |
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Japan steel output shows first drop in 29 months
Wed Nov 19, 2008
TOKYO, Nov 19 (Reuters) - Japan's crude steel output fell for the first time in 29 months in October, industry data showed on Wednesday, as the global financial crisis dampened demand for cars and construction projects.
Crude steel output fell 2.7 percent from a year earlier to 10.1 million tonnes in October as output of steel used in auto sheet plunged, while demand from construction companies stayed stagnant, the Japan Iron and Steel Federation said on Wednesday.
Nippon Steel Corp (5401.T: Quote, Profile, Research, Stock Buzz), the world's second-biggest steelmaker, and world No.3 JFE Holdings Inc (5411.T: Quote, Profile, Research, Stock Buzz) said last month they planned 3-6 percent output cuts in the October-March second half from the first half.
But Hajime Bada, president of JFE Steel Corp, recently told Reuters that he expected a cut of at least 10 percent in autosheet steel output to become necessary in the second half.
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