Thyssenkrupp expects steel output cuts to last into summer
2020-05-14 08:38:45 [Print]
Germany's Thyssenkrupp is expecting steel output cuts to last into summer, depending on how end-user markets as well as the COVID-19 pandemic develop, its CFO, Klaus Keysberg, said on Tuesday.
Along with other steelmakers, Thyssenkrupp has been hit by decreased demand from end-user markets such as the automotive industry.
Thyssenkrupp reduced production following shutdowns in March and took out blast furnace A at semis producer HKM, adjusted blast furnaces at its integrated mills and reduced downstream processes by 30% at its steel unit, Keysberg said.
Production cuts were likely to be in place until summer depending on how the COVID-19 pandemic and demand develop, and the Company might ramp up to a 20% reduction, he added.
Along with other steelmakers, Thyssenkrupp has been hit by decreased demand from end-user markets such as the automotive industry.
Thyssenkrupp reduced production following shutdowns in March and took out blast furnace A at semis producer HKM, adjusted blast furnaces at its integrated mills and reduced downstream processes by 30% at its steel unit, Keysberg said.
Production cuts were likely to be in place until summer depending on how the COVID-19 pandemic and demand develop, and the Company might ramp up to a 20% reduction, he added.
