The largest steel smelting company in Japan Nippon Steel to reduce steel production by 6%
Edited by Rhod Mackenzie / 2015-07-30 12:26:35
Yesterday, the largest Japanese steel company Nippon Steel & Sumitomo Metal Corp reported about the fall in its revenues and operating profit by 7% and 12%, respectively. Due to lower prices and oversupply of steel products on the Japanese market and in Asia as a whole, Nippon Steel plans to cut the steel production by 6% or 690 thousand tons to 10.9 million tons in the third quarter.
According to the forecast of the Japanese Ministry of Industry, this quarter the steel production in the country will be the lowest in the past 6 years.
