World Economy

Japan Crude Steel Output Down

Japan Crude Steel Output Down Japan Crude Steel Output Down

Japan’s crude steel output for April-June will fall 2.4% from a year earlier to the lowest for the quarter in seven years, the government said on Tuesday, Reuters reported. That would come as the latest in a series of signals of economic slowdown, clouding the outlook for Prime Minister Shinzo Abe’s drive to reflate the economy and spurring calls for more monetary stimulus. The ministry of economy, trade and industry estimated crude steel output would sink to 25.24 million tons in April-June, the lowest output for the quarter since 2009 when steel demand was hit hard by the global financial crisis. Against the previous quarter, output is seen falling 3.1%, it said. Demand for steel from the construction sector is forecast to slide 3.1% from a year earlier, while demand from manufacturing is seen dropping 1.7% for the quarter. “Construction demand for distribution warehouses is fairly solid, but demand for civil engineering and new shops is sluggish,” Takanari Yamashita, director of METI’s iron and steel division, told a news conference.