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CHRONOLOGY-Production cuts by major global steel companies

Thu Oct 23, 2008 1:13pm IST
 
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Oct 23 (Reuters) - Following is a chronology of announcements of output reductions made by steel companies in recent weeks:

Oct. 23 - Nippon Steel Corp (5401.T: Quote, Profile, Research), the world's second-biggest steelmaker, is considering output cuts from November due to weakening demand. Steel orders fell 5.4 percent in August, the first year-on-year decline in 28 months.

Oct. 16 - India's Tata Steel (TISC.BO: Quote, Profile, Research) said its Corus unit would cut crude steel production by up to 20 percent or 1 million tonnes over the next three months due to slowing demand.

Oct. 13 - Emirates Steel Industries, the largest steel plant in UAE, halted its production in the third week of October, on account of oversupply in the market, even as the inventory in UAE stood at 2 million tonnes in excess.

Oct. 11 - China's largest steel maker, Baosteel Group, will cut steel production over the next three months in the face of a weakening outlook for demand.

Oct. 10 - Severstal (CHMF.MM: Quote, Profile, Research) Russia's largest steel producer, slashed its production for this month by 25-30 percent at plants in Russia, Italy and the U.S.

Oct. 10 - Bhushan Steel Ltd. (BSSL.BO: Quote, Profile, Research) has stopped buying raw material for steel production and plans to cut down output inventory levels, given the current liquidity problem.

Oct. 9 - Ukraine's biggest steel mill, owned by Arcelor Mittal (ISPA.AS: Quote, Profile, Research) (MT.N: Quote, Profile, Research), reduced steel output by 10.5 percent to 5.471 million tonnes.

Oct. 9 - Zaporozhstal, Ukraine's leading steel maker, reduced liquid steel output by 5.1 percent to 3.205 million tonnes.  Continued...

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
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