South Korean Hyundai Steel had cut stainless steel CR production capacity in the third quarter, due to the nickel price slump and weak demand

During July to September, Hyundai Steel’s production capacity of CR stainless steel fell by 50 percent to 23,000 tons compared with the same period of last year.

The company’s sale amount in the third quarter was 150.2 billion won, down by 52.9 percent from a year ago. The output from January to September was only 115,000 tons, reducing by 14.2 percent from a year earlier.