TOKYO: Crude steel output in Japan, the world’s third-biggest producer, fell 7.4% in 2022 from the previous year due to a slow recovery in automobile production and weaker export demand amid a slowdown in the global economy.
Output dropped for the first time in two years to 89.23 million tonnes, figures from the Japan Iron and Steel Federation showed on Monday.
uring the COVID-19 pandemic, Japan’s Toyota Motor Corp fared better than most car makers in managing supply chains, but it fell victim to the prolonged chip shortage last year, cutting monthly production targets repeatedly.
Steel production for the October to December quarter slid 11.5% from a year earlier to 21.42 million tonnes.
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