Economy

Japan Crude Steel Production Down for 13th Month

REUTERS/Kim Kyung-Hoon/File Photo
Image photo: A production line of Nippon Steel & Sumitomo Metal Corp.’s Kimitsu steel plant.

Jiji Press

16:34 JST, February 23, 2023

Tokyo (Jiji Press)—Japanese crude steel production in January fell 6.9 % from a year before to 7.22 million tons, down for the 13th straight month, the Japan Iron and Steel Federation has said.

Steel demand remains weak, as automobile production is recovering more slowly than expected and foreign demand is still sluggish, industry sources said.

Production of converter steel, made from iron ore, dropped 6.9 % for the 13th consecutive decline, reflecting the flagging auto production, according to data released by the federation Wednesday.

Electric furnace steel, produced from scrap iron, also logged a 6.9 % fall.

Specialty steel, mainly for manufacturers including automakers, saw its production decrease 12.9 %. Ordinary steel, chiefly for construction, posted a 5.0 % drop.