ThyssenKrupp to Cut Steel Production by 10% to Maintain Prices

Bloomberg.com

ThyssenKrupp AG, Europe’s fourth- largest steelmaker, plans to cut steel production by 10 percent to maintain prices at current levels, as imports and inventories of the metal increased since the beginning of the year.

Higher customers inventories and imports, mainly to southern Europe, put pressure on prices, the Duisburg, Germany-based steel company said in a faxed statement.

The stock fell 1.4 percent
[on the Frankfurt exchange after the news came out].

ThyssenKrupp posted a record profit in the 2004 fiscal year, when it raised steel prices four times.

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