Evraz slashes production and capital investment

Evraz Group plans to decrease production and capital investment in light of the financial crisis, the metals and mining company's Senior Vice President and CFO Pavel Tatyanin told journalists today. He added that the group intended to reduce output in Russia and Ukraine by roughly 25 percent. Tatyanin also noted that capital investment was cut three times in September alone. Furthermore, Evraz Group is currently revising its capital investment plan for 2009, Tatyanin noted.