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PrintReuters quoted sources close to the company said China's largest steel maker Baosteel Group will cut steel production over the next three months in the face of a weakening outlook for demand.
The sources told Reuters that Baosteel, parent of Baoshan Iron & Steel Co would overhaul one of its biggest blast furnaces and expected this to reduce its production by about 1 million tonnes.
Baosteel had previously said it expected its crude steel output in 2008 to rise nearly 5% to 30 million tonnes. A spokesman for the group said he had not received any information from management about a production cut.
Earlier in the week, Chinese industry officials said four other big steel makers Shougang Group, Hebei Iron & Steel Group, Anyang Iron & Steel and Shandong Iron & Steel had agreed to cut production by up to 20% perhaps until the end of this year in an effort to support falling steel prices.
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