Toyota to employ Korean steel in local production

Toyota Motor Corp. will soon be incorporating steel from South Korea in its local automobile manufacturing for the first time as deteriorating profit stability hints the firm to look for ways to reduce costs, according to reports. Toyota, as it anticipates its first operating slump in the company''s history, will import steel from Posco, South Korea''s largest steelmaker. Posco''s steel, which is more affordable compared to other domestic producers, will only be sought in small quantities, based on the report. Such initiative is likely to augment price transactions with domestic steelmakers as the company, which offers the industry benchmark, boosts pressure to cut prices. Toyota is also discussing things to purchase steel from Posco for its Japanese factories, seeking reduced costs as the Asia''s largest carmaker faces the first yearly production loss in 71 years. The company is determined to cut steel purchasing costs after its inability to achieve target sales forcing the company to shut off domestic factories for 11 days and layoff temp workers.Обувь