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alstry (35.13)

Japan Grinding to a Halt????

Recs

8

January 23, 2009 – Comments (2)

Yesterday:

HONG KONG (MarketWatch) -- Japanese exports fell by a larger-than-expected 35% in December, the biggest fall on record, stoking concerns that firms could accelerate layoffs and idle production as the global recession deepens.

Tonight:

HONG KONG (MarketWatch) -- Nippon Steel Corp. is planning to slash steel output this quarter by the largest in the company's history, the Nikkei newspaper reported Friday, citing company sources. The company will cut output by 40%, or 3 million tons, bringing production for the quarter to 5 million tons, the report said. Total output cuts for the fiscal half year to March 31 will total 4 million tons.

Even for Alstrynomics.....these are incredible numbers!!!!!!!!

For a while I thought that this was going to be the worst in history.......now it seems like the facts are supporting the projections.

2 Comments – Post Your Own

#1) On January 23, 2009 at 2:11 AM, DaretothREdux (42.13) wrote:

X - US Steel is reporting earnings on 1/27 and most likely it will be ugly. Of course, if it goes back down around $20 or even lower that would be a great time to buy. After all, the company survived the first Great Depression and it will return in the long run with the US economy. Of course, if the US economy doesn't return in the long run it won't matter if you invested or not...

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#2) On January 23, 2009 at 5:03 AM, falang1 (96.05) wrote:

From the looks of this blog, Altry's output of exclamation points, periods, and question marks are down 35%.  That is truly incredible... ;)

 Just kidding, keep it up Alstry.  40% reduction in steel output is hard to believe but if you think car sales are down 40% (and likely other things made of steel), it makes sense.  Also the autos are almost all taking January off to kill some inventory.  I wonder who their other main customers are.

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