Metalloinvest to cut back iron ore output

Friday, 21 November 2008 09:37:19 (GMT+3)   |  
       

The Russian iron ore and steel producing company Metalloinvest Holding (Metalloinvest) has been forced to cut back iron ore output at its mining subsidiaries Lebedinsky GOK and Mikhailovsky GOK for November and December to 35 percent of peak production levels, Metalloinvest's Ural Steel plant general director Maxim Gubiyev has said.

In addition, Mr. Gubiyev stated that Metalloinvest has no plans to revise its Ruble 266 billion (approx. $9.7 billion) modernization program, as it includes projects which are necessary for the further development of its facilities. The company will only revise the technical part of the program, including the time of implementation and costs.

Moreover, according to Mr. Gubiyev, currently customer debts to Metalloinvest total about Ruble 15.4 billion ($558 million), of which Ruble 10 billion ($363 million) have already exceeded the payment deadlines.


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