Nippon Steel cuts production by 12%

Japan’s Nippon Steel Corp. said it will reduce production significantly in response to the sharp drop in demand for steel products. Nippon Steel is reducing steel production for the fiscal year through March by more than four million tons, down 12% from 33 million tons in 2008, said spokesman Masato Suzuki. It has accelerated the scheduled suspension of operations to renovate the No. 1 blast furnace at the Oita Works in Oita Prefecture to February 1, from March 7, and will bank the No. 2 blast furnace at the Kimitsu Works in Chiba Prefecture as soon as preparations have been completed, with a target date of February or early March 2009. (February 9, 2009)