Due to the continuously weak demand from automakers and builders, Asia’s third-biggest Posco plans to enlarge their output reductions made from December into the second quarter.
There are around 900,000 tons to 1 million tons, about 3 percent of what Posco produced last year, of crude steel production planned to be lost in the April to June even though the company has cut output by as much as 800,000 tons between January and March.
Currently the steel inventory levels in Korea are about 118 percent which hit a new record. Source:Yieh.com