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13:48
SEVERSTAL SLASHES STEEL PRODUCTION 28% IN Q2 TO 3.8 MLN TONNES

Moscow, July 31 (Interfax) - Severstal reduced steel production 28% in the second quarter of 2009 year-on-year to 3.813 million tonnes, the company said in a statement.

Production in the second quarter was 0.4% higher than in the first quarter.

Cast iron output in the second quarter fell 25% year-on-year to 2.8 million tonnes while roll production decreased by 29% to 2.9 million tonnes.

The average price for hot-rolled shafting and plate iron dropped in the second quarter 8% to $386 a tonne in comparison with the first quarter. Prices for rolled section increased by 9% to $443 per tonne while semi-finished products decreased in price to 10% to $289 a tonne. Prices for large-diameter piping increase by 15% to $2,120 while coking coal concentrate went down in price by 11% to $81 a tonne. Concentrate for PBS Coal increased in price to $95 per tonne while coal for the energy industry decreased in price by 3% to $41 per tonne. The price of gold went unchanged.

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