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Japan steel group head: weaker global steel output shows world economy in slowdown

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TOKYO (Reuters) – Japan Iron and Steel Federation Chairman Yoshihisa Kitano said on Tuesday that a year-on-year fall in global crude steel output in September, which was the first drop in 41 months, underlined a slowdown in the world economy.

Global crude steel output in September fell 0.3% from a year earlier to 151.5 million tonnes, the first decline since April 2016.

Kitano, who is also president of JFE Steel, a unit of JFE Holdings <5411.T>, also told a news conference that higher steel exports from India and Russia to ASEAN, reflecting a slower economy in Europe and India, are weighing on Asian steel markets.

(Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman)

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