November 4, 2008 / 7:04 AM / 11 years ago

CHRONOLOGY-Production cuts by major global steel companies

Nov 4 (Reuters) - Following is a chronology of announcements of output reductions made by steel companies in recent weeks:

Nov 4 - Baosteel Group, China’s largest steel maker, to cut output in December by delaying reopening a blast furnace that was shut for maintenance, as it faces weak demand.

Oct 31 - Welspun Gujarat Stahl Rohren (WGSR.BO) trims its steel plate production target for FY09 by 43 percent and will not produce commercial grade plates for sale due to lower prices.

Oct 30 - Russian steel maker Evraz Group HK1q.L to cut production at its domestic mills by about a quarter from November due to the global financial crisis.

Oct 27 - Bhushan Steel Ltd BSSL.BO has cut production of galvanised steel by 20-30 percent due to a slowdown in demand. Galvanised steel accounts for up to 25 percent of the firm’s sales.

Oct. 23 - Nippon Steel Corp (5401.T), the world’s second-biggest steelmaker, considers 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) said its Corus unit to 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, halts 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. 10 - Severstal (CHMF.MM) Russia’s largest steel producer, slashes 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 stops 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 (MT.N), reduces steel output by 10.5 percent to 5.471 million tonnes.

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

Oct. 8 - Shougang Group, Hebei Iron & Steel Group, Anyang Iron & Steel and Shandong Iron & Steel, state-owned firms that produce nearly a fifth of China’s steel, agree to cut output by between 10 and 20 percent, due to a decline in steel prices.

Oct. 7 - Magnitogorsk, Russia’s third-largest steel maker, cuts its October schedule for rolled steel production by at least 15 percent to 850,000 tonnes.

Oct. 2 - Ukrainian steel maker Azovstal reduces liquid steel output by 19.3 percent in September on a sharp fall in demand and low prices, It reported that raw steel output fell to 479,300 tonnes in September from 498,600 in August.

Sept. 17 - The world’s largest steel maker, ArcelorMittal, says it plans to cut production as by much as 15 percent to support prices. (Compiled by Carl Bagh; Editorial Reference Unit Bangalore; Editing by Ben Tan)

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