TWO JAPANESE STEELMAKERS TO CUT CAPITAL SPENDING Nippon Steel Corp <NSTC.TOK> said it will cut its capital spending by 36.4 pct to 105 billion yen in the year starting April 1 from a year earlier due to the postponement of furnace improvements. <Nisshin Steel Co Ltd> said it will spend 10.7 billion yen in 1987/88 for rationalisation and facility improvements, down from 32.1 billion a year earlier, after completion of large construction projects in 1986/87. But capital spending by Nippon Kokan K.K. <NKKT.TOK> to improve and increase its production facilities will rise to 94.90 billion yen from 64 billion, the company said.