P.M. BRIEFING : Japanese Steel Exports Slip
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TOKYO — Japan’s steel exports in 1989 are likely to fall below 20 million tons for the first time in 19 years, the top official of the Japanese steel industry predicted today.
Hiroshi Saito, president of the Japan Iron and Steel Federation and chairman of Nippon Steel Corp., cited sluggish exports to China following the events in Tian An Men Square last June as one of the major factors.
He also said brisk domestic demand has compelled Japanese steel makers to refrain from exports, which bring them a slimmer profit margin than domestic sales.
Japan’s steel exports in 1988 totaled 23.65 million tons.
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