JFE Steel announced its decision to idle part of its steel plate manufacturing operations in Japan on account of falling steel demand and faltering global economic growth situation. Some of the production lines at its East Japan Works' Keihin area facilities in Kawasaki, Kanagawa Prefecture will be idled by the end of March this year. In addition, works at some facilities in the Chiba area will come to a halt by March 2023. All the 360 affected workers affected by the closure will be relocated to other position
JFE Executive Vice President Mr Masashi Terahata said that “T Both at home and abroad, we are considering a review needed to have a production system that is the most optimal for us, taking into account the current and future business environment. The company is currently undertaking a review of its domestic as well as overseas operations, as part of its optimization efforts, in line with the deteriorating market conditions. The company may be forced to declare additional production cuts in future.”
JFE's announcement came only about a week after rival Nippon Steel Corp. said it will shut down subsidiary Nippon Steel Nisshin Co's Kure Works in Hiroshima Prefecture, western Japan, by the end of September 2023.
Source: STEELGURU
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