Japan's crude steel production fell by 7.4%

According to the report of the Japan Iron and Steel Federation, production fell to 89.23 million tons for the first time in the last two years.

During the COVID-19 pandemic, Japan's Toyota Motor Corp outperformed most automakers in managing their supply chains, but last year it fell victim to prolonged chip shortages and repeatedly lowered its monthly production targets.

"Domestic steel demand has been impacted by repeated delays in the recovery in automobile production, while foreign demand has also weakened in the second half of the year due to high inflation and interest rate hikes in the United States and Europe," a researcher from the Federation said.