Tokyo Steel Manufacturing Co. said Monday it will cut prices for most products in January because of declining investment in condominium construction and the government review of public works spending.
Japan's largest maker of girders will cut prices of H-beams to ¥63,000 a metric ton from ¥65,000, and hot-rolled coil to ¥55,000 from ¥57,000, the company said.
Construction companies are cutting back on condominium development, and Prime Minister Yukio Hatoyama, under pressure to deal with the massive public debt, is reviewing public works projects.