Friday, March 13, 2009

Steel production cut

WUHAN Iron and Steel Group, China's third-largest steel maker, has cut production by 15 percent to 20 percent as the economic slowdown crimped demand, General Manager Deng Qilin said. Wuhan, Baosteel Group Corp and Anshan Iron and Steel Group have shut down four furnaces, Deng said, while attending the National People's Congress. Weaker demand may force Wuhan, which has 30 million tons in capacity, to delay its Fangcheng Port project, Deng said. "The bigger steel makers had small profits in January, while the smaller ones were struggling," Deng said. "This month, the situation is getting worse."

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