Japanese crude steel output in February fell a record 44 percent from a year earlier to its lowest since 1968 as a global slump hits key customers in the auto sector, and no upturn is seen soon. The Japan Iron and Steel Federation said on Wednesday output tumbled to 5.48 million tonnes last month, marking the fifth straight month of decline as Japan slides deeper into recession. Steelmakers, including Nippon Steel Corp and JFE Holdings Inc, have slashed production as sliding sales and rising inventories force Toyota Motor Corp and other automakers to cut output.
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