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Japan’s largest steelmaker Nippon Steel said on 5 March that it would cut capacity by another 10% as domestic demand fell and competition from china intensified.
Japan’s iron-making capacity was shut down by 10% last year. After these two cuts, Japan’s iron production capacity will fall from 50 million tons a year to 40 million tons.
Nippon Steel will close the large blast furnaces, plate-making plants, molding plants, pipe plants, galvanizing plants, titanium plants, stainless steel plants and other equipment Kagoshima plant near Tokyo in the next few years.
Japan's steel demand is expected to fall as Japan’s population shrinks and overseas customers expand local production, Nippon Steel said. Moreover, the competition in overseas markets will intensify, largely because Chinese demand seems to have peaked. China is the world’s largest steel producer, accounting for about 60% of global steel production.
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