Steel Markets
Toyota Cuts February Production Forecast on COVID, Supply-Chain Snarls
Written by Michael Cowden
January 18, 2022
Toyota has reduced its North American production schedules for the second month in a row because of shortages stemming from COVID-19 and supply-chain bottlenecks.
The Japanese automaker said on Tuesday that its North American assembly plants would make approximately 25,000-30,000 fewer vehicles than initially projected in February.
That number could change because “the situation remains fluid,” a company spokeswoman said in an email to SMU.
“Toyota will continue to face shortages that will affect production at our North American plants. Our teams are working diligently to minimize the impact on production,” she said.
“We do not anticipate any impact to employment at this time,” she added.
Toyota scaled back January production by 40,000-50,000 vehicles for similar reasons.
The automaker did not specify how many tons of steel would be impacted by the reduced production levels. A rough rule of thumb is that each passenger vehicles contains approximately one ton of steel.
Automakers have been struggling with COVID, supply-chain issues as well as shortages of chips and other parts for more than a year.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Markets
Trading firms Mercuria and Tata International partner in joint venture
Geneva-based global commodities trader Mercuria is set to acquire a majority stake in Tata International, according to a report in India's Economic Times.
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.
Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...
Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.