LG Display announced on July 21, 2011 that the company will cut its capital expenditure for 2011 from the previously planned 5.5 trillion won (US$5.22 billion; US$1=1053.5 won) to 4.5 trillion won (US$4.27 billion), according to the Financial Times. It is reported that LG plans to cut not only its capital spending budget by 18% but also its production output owing to slow market demand for LCD (Liquid Crystal Display) TVs in Western Europe, North America, and China. LG projects that demand will gradually pick up starting from September and October this year, according to the same source.