Inventories, which were temporarily in surplus, have tightened due to an OPEC production cutback.

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Corus said no jobs would be lost as a result of the production cutback.

BBC: Corus to cut steel production 30%

The Saudis and some other OPEC countries did indeed reduce production in the Fall of 1973, but the cutback was less than the inventory buildup in early 1973.

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