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Money News

Japan steel group head: weaker global steel output shows world economy in slowdown

TOKYO (Reuters) - Japan Iron and Steel Federation Chairman Yoshihisa Kitano said on Tuesday that a year-on-year fall in global crude steel output in September, which was the first drop in 41 months, underlined a slowdown in the world economy.

Global crude steel output in September fell 0.3% from a year earlier to 151.5 million tonnes, the first decline since April 2016.

Kitano, who is also president of JFE Steel, a unit of JFE Holdings 5411.T, also told a news conference that higher steel exports from India and Russia to ASEAN, reflecting a slower economy in Europe and India, are weighing on Asian steel markets.

Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman

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