Nippon steel may hasten and extend restructuring measures

摘要

Japan's top steelmaker Nippon Steel could hasten and extend restructuring measures to contend with the tough business environment created by the Covid-19 pandemic, it said after posting its biggest first-quarter loss since 2012. The group said in February it would shut nearly 10% of its production capacity, an unprecedented move in the once-dominant Japanese steel industry hit by falling demand at home and competition from China. Speaking at an earnings news conference, Nippon Steel Executive Vice President Katsuhiro Miyamoto said all the measures announced earlier this year will be moved up and more could be added, without giving further details.