Bloomberg reported that China Steel Corporation shut one of its blast furnaces ahead of schedule this week for maintenance that may cut output by almost half.

Mr Chung Le min EVP of CSC said that the number 3 furnace will be out of commission for three to four months.

CSC runs four furnaces with a total annual capacity of 10 million tonnes, including the number 3 plant's 2.8 million tonnes.

CSC is following global rivals ArcelorMittal and Nippon Steel Corporation in cutting production as demand from carmakers and builders slump. The maintenance was originally planned for August or September 2009. Production may fall by as much as 45% during the maintenance period. It plans to announce June prices for Taiwan customers on April 30th 2009.

CSC posted a net loss of TWD 15.5 billion in the fourth quarter of 2008, from a profit of TWD 12.9 billion a year earlier. It said on February 18th 2009 that it is likely to post an operating loss in the first quarter of this year.

(Sourced from www.etaiwannews.com)