Wall Street Journal reported that German steelmakers ThyssenKrupp AG and Salzgitter AG have announced capacity cuts this year, but not enough to match the slump in demand.

It may be noted that the economic crisis has had a big impact on the steel industry world wide. In Germany, orders halved and crude steel production fell by almost 45% between January and May. For the full year, German steel trade association Stahl forecasts production to drop by well over 25%, to almost 1960s levels.

(Sourced from www.wsj.com)