TOKYO : Crude steel output in Japan, the world's third-biggest producer, fell 7.4 per cent in 2022 from the previous year due to a slow recovery in automobile production and weaker export demand amid a slowdown in the global economy.
During the COVID-19 pandemic, Japan's Toyota Motor Corp fared better than most car makers in managing supply chains, but it fell victim to the prolonged chip shortage last year, cutting monthly production targets repeatedly. "Meanwhile, the Japanese steelmakers have been reducing the number of blast furnaces, which means it would be difficult for Japan's steel output to bounce back to 100 million tonnes level from the supply capacity point of view even if demand picks up," he said.
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