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Raspadskaya OAO Lowers Coal Production Forecast For FY 2012-2013-Interfax


Friday, 21 Sep 2012 06:16am EDT 

Interfax reported that the General Director of Raspadskaya OAO (Raspadskaya), Mr. Gennady Kozovoi, has lowered the forecast for Company’s coal production in 2012 by a third to 7 million tones, against a backdrop of a sharp decrease in demand for and the price of coal. Mr. Kozovoi said during a conference call that the forecast for 2013 had been reduced 10%-15% from 13.4 million tones. Capital expenditures will be similarly reduced. Difficulties with deliveries are associated with a current surplus of coking coal in Ukraine, the Company's Strategic Planning Director, Mr. Alexander Andreyev, said. In February 2011, Raspadskaya management announced a strategy under which the Company planned to mine 12.8 million tones of coal in 2012 and 15 million tones in 2013. These forecasts were later lowered. 

Company Quote

18.8
-0.22 -1.16%
6:04am EDT