Steel giant Mittal Steel Co. will cut production by 1 million metric tons in the third quarter in an attempt to reverse a slump in prices and reduce overstocked inventory, said company owner and chairman Lakshimi Mittal. The decision came after steel prices fell 26 percent this year to $440 a ton while production increased by 10%. The company also said that the cutbacks would be divided among Mittal’s operations across the globe.

This entry was posted on Wednesday, July 6th, 2005 at 10:34 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.