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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: Top Taiwan steel maker reports first loss -papers Reuters - Saturday, January 24 TAIPEI, Jan 24 - China Steel Corp <2002.TW>, Taiwan's top steel maker, reported its first-ever loss in the fourth quarter of 2008 on falling material prices and declining production, newspapers reported on Saturday. China Steel lost T$18.26 billion in the past quarter as it began stopping or scaling back production at all locations amid a low point in falling raw material prices, Taiwan's Commercial Times said. The company's Q4 sales declined by 540,000 metric tonnes to 1.99 million metric tonnes from Q3, newspapers reported. More problems are ahead, China Steel told local newspapers. "Looking ahead at this year, China Steel admits that it still faces the pressure of more losses in the first quarter," the Commercial Times said. Company officials were not available for comment. The company said in November it would cut domestic steel production in the first quarter of 2009 as it slashes output due to weakening demand during the global economic downturn. The cuts, the company's first in three years, would lower prices by an average of 22.56 percent from the previous three months, in line with global trends. China Steel's shares closed up 44 percent on Wednesday, the last day of trade before a Lunar New Year's holiday break. Taiwan's markets reopen on Feb. 2. 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: China's Economy China ups rice purchase price; aid to farm incomesAP - 8 minutes ago Australia boosts economic stimulus to save 50,000 jobsAFP - 18 minutes ago Japan to offer public funds to non-financial firms: reportsAFP - 2 hours 14 minutes ago Top Taiwan steel maker reports first loss -papersReuters - Saturday, January 24 Related Articles: Business China ups rice purchase price; aid to farm incomesAP - 8 minutes ago Australia boosts economic stimulus to save 50,000 jobsAFP - 18 minutes ago Pakistani cenbank sells 11.5 bln rupees of T-billsReuters - 18 minutes ago Australia launches $A4 bln property sector fundReuters - 25 minutes ago China c. banker denounces currency manipulation claimReuters - 27 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed World crisis deepens as downturn bites in Asia Obama retakes oath of office 'Dogs don't wear condoms,' says Baywatch star Anderson Obama steps up anti-recession offensive US unemployment spikes, housing crisis deepens View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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