POSCO cuts steel output by 10%

South Korea’s top steelmaker Pohang Iron and Steel Company (POSCO) said it will reduce steel output by around 10% in December 2008 and January 2009, to shore up prices in the face of tumbling demand. The steelmaker plans to slash production by 200,000 metric tons (MT), or 7.3%, in December and another 370,000 MT, or 13.5%, in January 2009, marking the first production cut since its creation 40 years ago. The Korea Iron and Steel Association expects combined crude steel production in South Korea to dip 1.6% next year, marking the first fall in 11 years due to the global economic recession. (December 18, 2008)