Korea"s Posco, the world"s No.4 steelmaker, may have to extend its production cut to 30 percent if market conditions continue to worsen, its new chief executive warned on Friday.
"I"ll be very relieved if the global steel market recovers in the second half of this year, but major producers are now concerned that the current downturn may last two to three years," Chung Joon-yang, who was approved on Friday by shareholders as new chief executive of Posco.
"If the current downturn ends in the first half of this year, our production cut will be only about 2 million tons, but if it"s extended to two to three years, we may have to reduce supplies by 30 percent." Source: Yieh.com