ID :
36611
Fri, 12/19/2008 - 23:34
Auther :
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http://m.oananews.org//node/36611
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Japan's Nov. crude steel output logs steepest fall in 10 yrs
TOKYO, Dec. 19 Kyodo -
Japan's crude steel production in November plunged 12.9 percent from a year
earlier to 8,811,000 tons, marking the steepest fall since November 1998 when
the Japanese economy was in the grip of a prolonged recession, an industry body
said Friday.
Crude steel output declined for the second straight month, after a 2.7 percent
decline in October, which was the first year-on-year fall in two years and five
months, said the Japan Iron and Steel Federation.
Stagnant sales of products for construction use and a downward spiral in the
global economy, which caused a sharp decline in shipments to automakers, took a
toll on overall production, the organization said.
Of the total November output, production of ordinary steel dived 13.5 percent
to 6,858,000 tons and high-strength specialty steel used in cars and other
products accounted for 1,954,000 tons, down 10.8 percent.
Monthly crude steel output had recently been at more than 10 million tons
between March and September, but the November figure was the lowest since
February 2005.
Specialty steel output plummeted nearly 15 percent from October because output
reduction by carmakers became particularly steep in November.
Blast furnace-using steelmakers have already announced additional production cuts.
Industry leader Nippon Steel Corp. said in late November it will double the
amount of its previously planned crude steel output cut for the year through
March, with annual production declining more than 2 million tons from fiscal
2007.
JFE Steel Corp. also projects a reduction of 1.5 million tons and Kobe Steel
Ltd. and Sumitomo Metal Industries Ltd. 600,000 tons, respectively.
The steel federation said the previously robust sales to Southeast Asian and
other emerging economies are now slackening. This might force another round of
production cuts, analysts said.
Besides the steel industry, the fallout from the auto business slump is
spreading to chemical makers, which are also slashing their output, the
analysts said.
==Kyodo
2008-12-19 23:59:10
Japan's crude steel production in November plunged 12.9 percent from a year
earlier to 8,811,000 tons, marking the steepest fall since November 1998 when
the Japanese economy was in the grip of a prolonged recession, an industry body
said Friday.
Crude steel output declined for the second straight month, after a 2.7 percent
decline in October, which was the first year-on-year fall in two years and five
months, said the Japan Iron and Steel Federation.
Stagnant sales of products for construction use and a downward spiral in the
global economy, which caused a sharp decline in shipments to automakers, took a
toll on overall production, the organization said.
Of the total November output, production of ordinary steel dived 13.5 percent
to 6,858,000 tons and high-strength specialty steel used in cars and other
products accounted for 1,954,000 tons, down 10.8 percent.
Monthly crude steel output had recently been at more than 10 million tons
between March and September, but the November figure was the lowest since
February 2005.
Specialty steel output plummeted nearly 15 percent from October because output
reduction by carmakers became particularly steep in November.
Blast furnace-using steelmakers have already announced additional production cuts.
Industry leader Nippon Steel Corp. said in late November it will double the
amount of its previously planned crude steel output cut for the year through
March, with annual production declining more than 2 million tons from fiscal
2007.
JFE Steel Corp. also projects a reduction of 1.5 million tons and Kobe Steel
Ltd. and Sumitomo Metal Industries Ltd. 600,000 tons, respectively.
The steel federation said the previously robust sales to Southeast Asian and
other emerging economies are now slackening. This might force another round of
production cuts, analysts said.
Besides the steel industry, the fallout from the auto business slump is
spreading to chemical makers, which are also slashing their output, the
analysts said.
==Kyodo
2008-12-19 23:59:10
