November 27, 2008 / 11:20 AM / 11 years ago

FACTBOX-Production cuts by major global steel firms

Nov 27 (Reuters) - Following is a timeline of announcements of output reductions made by steel companies in recent weeks:

Nov 26 - Specialty steel maker SSAB (SSABa.ST) said it would accelerate a plan to shut one of its blast furnaces for one month of repairs, part of a wider effort to scale back production as demand has fallen.

Nov 25 - The world’s second largest long-rolled steel producer, Brazil’s Gerdau (GGBR4.SA)(GGB.N), expects output to fall by a quarter in the last three months of 2008 amid cooling demand and maintenance at its plants.

Nov 25 - Taiwan’s biggest steel maker China Steel (2002.TW) said it planned to reduce output by about 10 percent next year on scheduled maintenance, just when a global financial crisis is sapping demand.

Nov 25 - ThyssenKrupp (TKAG.DE), one of the world’s leading producers of stainless steel, will extend the Christmas holiday break at its largest stainless cold-rolled unit, Germany’s Nirosta.

Nov 25 - The world’s second-largest steelmaker Nippon Steel Corp (5401.T) said it would double its planned production cut for the October-March period to 12 percent from the first half in response to slowing demand.

Nov 20 - Austrian steelmaker Voestalpine (VOES.VI) said due to a slowdown in the demand from the autos industry, the company expects to cut steel production by between 3-5 percent by March 2009.

Nov 20 - JFE Steel Corp, the world’s third-biggest steelmaker, said it plans to cut output by 9.6 percent, or 1.5 million tonnes, in the October-March second half from the first half to cope with a decline in demand from automakers and other customers.

Nov 14 - Russia’s Novolipetsk Steel (NLMK) (NLMKq.L) (NLMK.MM) said that it was idling two blast furnaces and reducing its planned investment programme in the wake of the global financial crisis.

Nov 11 - U.S. steelmaker AK Steel (AKS.N) said it has temporarily idled some of its operations in Ohio and Kentucky, citing the global downturn’s effect on demand afor its products used in the auto industry.

Nov 10 - Swedish specialty steel maker SSAB (SSABa.ST) has cut output at a top strip product site in Sweden and is considering other cuts as it grapples with a downturn in demand.

Nov 7 - Corus, Europe’s second largest steelmaker, decided to extend the production cuts it announced last month beyond December. The company, owned by India’s Tata Steel (TISC.BO), in October announced plans to cut crude steel production by up to 20 percent or 1 million tonnes over the next three months due to slowing demand.

Nov 7 - Ukrainian steel maker Azovstal suspended pig iron production in one of its five blast furnaces due to a fall in steel demand. Its pig iron production fell by 11.8 percent to 359,800 tonnes from 407,900 tonnes a month earlier.

Nov 7 - JSW Steel Ltd (JSTL.BO), India’s third biggest producer, said it would cut total steel production by 20 percent from November.

Nov 6 - Salzgitter AG (SZGG.DE) to cut output in flat steel and construction section by 30 percent in December and January.

Nov 5 - ArcelorMittal ISPA.AS MTP.PA, the world’s largest steelmaker, announced a temporary output cut of 30 percent, from an initial 15 percent cut, as it forecasts a weaker final quarter.

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. 13 - Emirates Steel Industries, the largest steel plant in the 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. (Compiled by Carl Bagh; Editorial Reference Unit Bangalore and Humeyra Pamuk in London, Editing by Peter Blackburn)

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