Major South Korean steel producer POSCO is sharply reducing its shipments of stainless cold rolled sheets (CRS) in an attempt to increase the stability of the domestic market for these products.
In a recent statement, POSCO said that it would cut production of stainless cold rolled sheet by 10,000 mt in August and would also further reduce production of the products in question if necessary, for the purpose of normalizing market prices for the products, which have sunk very low, reaching below-cost levels.
In April this year, POSCO altered its production system for stainless cold rolled sheet, focusing on turning out products at optimum levels rather than on maximizing output, and has been continuously adjusting its shipment volumes of the products.