InfoAnda - JFE Steel to shut blast furnace as demand falls

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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: JFE Steel to shut blast furnace as demand falls By JAY ALABASTER,Associated Press Writer AP - Friday, December 26 TOKYO - JFE Steel Corp., one of the world's largest makers of steel, said Thursday it would stop production at one of its massive blast furnaces due to falling demand _ the first time it has done so in more than five years. JFE expects demand for its steel products to fall 25 percent in the current October-March fiscal half compared to the previous six months, a spokesman said. He spoke on condition of anonymity, citing company policy. The shutdown shows that the global economic slowdown _ and accompanying drop in consumer spending _ is beginning to affect producers of raw materials. JFE was the world's third-largest steel producer last year by volume, according to the World Steel Association. But the company has experienced falling orders from companies that make cars, electronics, heavy machinery and construction materials in recent months. Many companies in those sectors, including big names like Toyota and Sony, have announced production and job cuts of their own in recent weeks. JFE had been scaling back production at all of its furnaces but determined that it was more efficient to shut one down completely, the first time it has done so since June 2004, the spokesman said. Production at the furnace, which is located in Okayama Prefecture in southwest Japan, will be stopped in January. No date was given for when it will be fired up again. The furnace accounts for about 11 percent of the company's steel production and cuts at other furnaces will still be necessary. The steel maker expects steel shipments to be 11.5 million tons in the second half of the current fiscal year, down from 15.49 million tons in the first half. The decline is not limited to Japan. On Wednesday, data from the U.S. Commerce Department showed orders to U.S. factories for big-ticket manufactured goods fell in November for the fourth month in a row, including a fall in orders for steel and other primary metals. 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 China buys aluminium to support producers-sourcesReuters - 22 minutes ago JFE steps up output cuts as demand dropsReuters - 35 minutes ago CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Indonesia Bakrie says settles debt in Bumi dealReuters - 1 hour 4 minutes ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago 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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