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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's JFE Steel says shutting furnace AFP - Friday, December 26 TOKYO (AFP) - - Japan's second-largest steelmaker said Thursday it will shut down one of its blast furnaces from next month as global demand for steel plummets with the economic downturn. Japan's JFE Steel Corp. said it was cutting production by nearly 26 percent in the second half of this fiscal year. It decided to close the blast furnace in the western city of Kurashiki in mid-January after "comprehensively studying orders, production efficiency and cost," a company statement said. JFE Steel plans to cut crude steel output to 11.50 million tonnes in the second half of the year through March, down from 15.49 million tonnes in the first half, a company spokesman said. The fall is steeper than the production cut of 1.5 million tonnes announced in November. The blast furnace to be shut down is the company's oldest and has been in operation for 18 years. "The company will close it for now and put it through renovations, but we have not decided yet when to open the furnace," the spokesman said. The World Steel Association said last week that global steel production tumbled 19 percent in November from a year earlier, with North American output dropping steeply. Steel demand -- and prices -- had been rising rapidly until the global economic crisis, led by soaring growth in China and other emerging economies. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Norway SWF expands Japanese stock holdings-NikkeiReuters - 2 hours 21 minutes ago Vietnam inflation reaches 23 percent in 2008: govtAFP - 2 hours 26 minutes ago Slow clearance of Antigua flights causing delaysAP - 2 hours 58 minutes ago Asahi shares drop in Japan after Australian Cadbury dealAFP - 2 hours 59 minutes ago Japan's JFE Steel says shutting furnaceAFP - Friday, December 26 Enlarge Photo Japan's JFE Steel says shutting furnace Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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