Reducing steel production in South Korea and Japan

A large-scale strike by Hyundai truck drivers in early July delayed the delivery of some 400,000 tons of steel. The strike also affected POSCO by suspending its wire rod and cold coil production lines. However, with the end of the strike at the end of July, production resumed.

POSCO's production is currently in normal mode and production efficiency will be driven by future demand.

On the other hand, Japan has no other clear plans to cut production. However, due to the ongoing downturn in the auto industry and power shortages, Nippon Steel planned to cut production slightly in July.