The world’s third largest steelmaker, Nippon Steel, will shut nearly 10% of its production capacity to staunch losses amid falling demand.
Nippon Steel has announced it will close three blast furnaces in Japan as it braces to report a $4bn loss for the current financial year.
Akio Migita, executive vice president of Nippon Steel, told a news conference last week: “We have been facing unprecedented harsh conditions with steel demand from the manufacturing industry declining and steel prices slumping amid the US-China trade war.”