Japan reduced steel production in February by 5% compared to the same month last year, to 4 million tons, according to the Japan Federation of Iron and Steel.
this is the minimum amount since July 2020. The indicator has been declining for the twelfth month in a row, as demand from the construction industry remains weak.
Steel output in February decreased by 7% compared to the previous month.
Tadashi Imai, chairman of the Federation, warned that the US import duties imposed by the United States could lead to a reduction in steel production in Japan by several million tons. "Annual steel output may fall below 80 million tons," compared with 84 million tons by the end of 2024, he predicts.
Japan is the third largest steel producer in the world.
