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Chinese steel mills face cut production
Posted on Oct-07-2008· by china investor
Several leading Chinese steel mills are planning to cut production to deal with the pressure of weak demand.
Monday’s China Securities Journal reported that Shougang Group and three other big domestic iron and steel manufacturers will slash 20 percent of their production this month under the pressure of slack domestic demand and dropping steel prices.
Hu Kai, a senior industry analyst said that the main cause of production reduction is the sagging price.
China’s real estate in its nadir is also another cause.
Chinese steel mills begin to feel the economic cold snap.
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