Shortage of steel forces halt at Nissan
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TOKYO Nissan Motor said on Thursday that a shortage of steel would force it to halt production temporarily at three of its four auto factories in Japan, a highly unusual step the company said was made necessary in part by a surge in demand for steel from
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Production at the Vauxhall plant at Ellesmere Port in Cheshire is expected to grind to a halt today because of a components shortage caused by industrial action in Germany over job cuts.
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TOKYO: Japan&#39;s Nikkei average inched higher on Thursday, helped by gains in steel producers like JFE Holdings after Nissan Motor said it was suffering from a shortage of steel.
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Japanese stocks rose for a second day, led by steelmakers such as JFE Holding Inc., after Nissan Motor Co. said a steel shortage will push it to suspend auto production at three plants, boosting optimism for metal demand.
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Nissan Motor Co.&#39;s chief executive said Thursday that the Japanese automaker was hurt more than its rivals by the recent steel shortage, and that production is expected to fall short by 15,000 vehicles in March next year.
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Steel companies are feeling the pressure to be big or consolidate after the merger of the worldÂs largest and second-largest steel producers.
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Almost 800 jobs are created at Nissan's Sunderland plant to help meet demand for the new Qashqai.
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Nissan Motor Co, Japan's second-largest automaker, has abandoned its goal of a seventh straight year of record profits after a 22.6 percent slump in net earnings in the quarter to December.
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U.S. and Japanese automakers joined forces on Thursday to urge Washington to drop tariffs on steel used in making cars, arguing the U.S. steel industry was strong enough to handle imports that can push prices down.
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Nippon Steel Corp. has told Toyota, Honda and Nissan it wants to raise steel prices for the second time this year, the Asahi Shimbun reports.
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Nissan Motor, the Japanese carmaker, has been forced to stop production at three of its four car assembly plants in Japan for five working days after running out
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Around 4,000 workers at three factories of German car giant Volkswagen halted production for about an hour overnight in the first official warning strikes aimed at putting pressure on management in the deadlocked wage talks, unions said.
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Nissan is to produce a new car at its plant in the North East, which it says will help to safeguard 1,000 jobs.
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The steelmaker isn't having a blast, but it is buttressed against adversity.
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The steelmaker faces serious headwinds, but it has the resources to batten down the hatches.
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Stelco Inc., the Canadian steelmaker that&#39;s in bankruptcy protection, said it lost a contract to supply steel to General Motors Corp.
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Steel shares hit seven-year highs yesterday after Nissan said the metal is in short supply in Japan. US Steel rose $3.30, or 7%, to $51.25, while Nucor surged $2.90 to $54.05, an all-time high.