Russia's Mechel halves 2013 capex to $500-600 mln

MOSCOW Wed Dec 12, 2012 11:18am EST

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MOSCOW Dec 12 (Reuters) - Russian mining and steel group Mechel will cut 2013 capital expenditures by half to $500-600 million due to unfavourable market conditions, Chief Financial Officer Stanislav Ploschenko said on Wednesday.

Previously the company planned to spend $1.2 billion on capex in 2013, Ploschenko told analysts during a conference call.

Mechel, controlled by billionaire Igor Zyuzin, is committed to keeping its debt under control after borrowings rose nearly 5 percent to $9.1 billion in the third quarter, the company said earlier on Wednesday. (Reporting by Polina Devitt; Editing by Lidia Kelly)

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