CHRONOLOGY - Production cuts by major global steel companies

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Tue Oct 14, 2008 6:53am EDT

Oct 14 (Reuters) - Following is a chronology of announcements of output reductions made by steel companies in recent weeks:

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) Russia's largest steel slashed its production for this month by 25-30 percent at plants in Russia, Italy and US.

Oct. 10 - Bhushan Steel Ltd. (BSSL.BO) 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) (MT.N) 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.

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, agreed earlier this week to cut output by between 10 and 20 percent, on account of decline in steel prices.

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

Oct. 6 - Europe's second largest steelmaker, Corus, owned by India's Tata Steel (TISC.BO), said there has been a slowdown in steel demand and the company was taking steps to adjust its production to the new situation.

Oct. 2 - Ukrainian steel maker Azovstal reduced 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 said it planned to cut production as by much as 15 percent to support prices.

(Compiled by Carl Bagh, Editing by Peter Blackburn)

Editorial Reference Unit Bangalore;

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