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POSCO & Hyundai Steel to Cut Production as COVID19 Bites Demand

Steel News - Published on Fri, 07 Aug 2020

Image Source: POSCO Hyundai Steel
South Korean recently reported that Posco and Hyundai Steel are plannig to cut crude steel production due to a sharp decline in global steel demand over the coronavirus pandemic. As per media reports, earlier this year, Posco had planned to produce 36.7 million tonnes of crude steel in 2020, but it revised down its estimates of output to 35.3 million tonnes. Reports quoted a company official as saying that "The revision came due to the fallout of the Covid-19 pandemic, as demand from key clients automakers, construction companies and shipbuilders declined due to the virus.”

Hyundai Steel also plans to flexibly adjust its output this year if economic recovery is delayed due to the coronavirus pandemic. Hyundai Steel produced 9.8 million tonnes in the first half of this year, compared with its annual target of 21 million tonnes in 2020.

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Posted By : Yogender Pancholi on Fri, 07 Aug 2020
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