Posted on 11/10/08
Severstal to cut output as demand stalls
OAO Severstal, Russia's largest steel maker, will slash output in Russia, the U.S. and Europe by as much as 30 per cent this month and review full-year forecasts as financial turmoil saps the world's demand for metals. Production will be cut 30 per cent in the U.S. and Italy, and 25 per cent in Severstal's home town of Cherepovets in Russia, the company said yesterday. Steel makers from China and South Korea to Austria and Russia are curbing output as demand for cars and buildings weakens, and as banks withdraw funding for new plants. OAO Magnitogorsk Iron & Steel, Russia's third-largest producer, Posco, Asia's biggest stainless steel maker, and Voestalpine AG, Austria's top steel company, all signalled cuts in production plans this week.
The full text of this article has 132 words.
To continue reading this article, you will need to purchase this article.
Already have a member account? Login now
Pay-Per-View Offers To read the complete article, select one of the following options
Purchasing from globeandmail.com is quick and secure.
