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World’s third largest steelmaker to close 10% of capacity

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.”

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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