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Business News/ Market / Mark-to-market/  Steel companies cutting back on output again
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Steel companies cutting back on output again

Year-on-year, crude steel output rose by 1.7% in July lower than the 3.1% growth in June

Naveen Kumar Saini/MintPremium
Naveen Kumar Saini/Mint

Steel companies are cutting back on output, with July showing a slender increase in crude steel production compared with July 2013, but a decline over June. The World Steel Association said year-on-year, crude steel output rose by 1.7% in July lower than the 3.1% growth in June. The situation looks more sobering on a sequential basis, with a decline of 0.65% in July against the previous month. This is the second consecutive month that output has declined over the preceding month. Slow growth in China’s output and a decline in Europe’s output were the main reasons for slower growth. The worrying aspect is the continued decrease in capacity utilization.

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Published: 22 Aug 2014, 12:49 AM IST
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