OAO Raspadskaya (RASP), Russia’s second- largest producer of coal used in steelmaking, cut fourth-quarter output by 57 percent on lower demand from metals companies struggling to shift stock.
Output dropped to 1.4 million metric tons from 3.3 million tons a year earlier, and fell 53 percent from the preceding quarter, the Moscow-based company said today in a statement on its Web site.
Falling demand in the last three months cut prices for higher-value washed coal by 40 percent to 3,286 rubles ($104) a ton, compared with the third quarter. The price was still 113 percent higher than a year earlier.
Raspadskaya’s total 2008 output fell 31 percent to 9.4 million tons from 13.6 million tons. Washed coal sold for an average of 4,010 rubles in 2008.
The company is 40 percent owned by management and 40 percent by Evraz Group SA, Russia’s second-largest steelmaker.
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