ACCORDING TO the latest data from the European Union statistics office, Eurozone industrial production has shown further evidence of deepening recession. Industrial production in the 15 European countries in December contracted by 2.6% from November and 12% year-on-year, the most rapid monthly and annual falls since data has been recorded. The Japanese government announced negative figures for the country's crude steel production. Japan's crude steel production slumped by 14.9% from the previous month to 6.37 million mt in January, according to the latest data from the Japan Iron and Steel Federation. The January total represents a massive 37.8% year-on-year fall as cuts were implemented in response to collapsing demand.
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