JFE Steel, the second-largest steel manufacturer in Japan, lowered its crude steel production estimate for the fiscal year 2024 to 23.8 million tons from the previous from 24.6 million tons.
The adjustment was mainly due to the global economic downturn in the high interest rate environment and decreased demand from the construction, automobile, shipbuilding, and machinery industries.
Besides, JFE Steel’s permanent shutdown of its 5,000m3 No. 2 blast furnace and No. 1 electric arc furnace in Keihin on September 16 was also a reason to cut its production forecast.
Source: YIEH
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