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Tuesday, October 11, 2011

Raspadskaya to miss 2011 coking coal output target by 24pct - Report

Tue, 11 Oct 2011

Russian producer of coking coal OAO Raspadskaya may produce less than 6.5 million tonnes this year, missing its output target by 24% percent, Kommersant reported, citing analysts’ estimates.

Raspadskaya produced 400,000 tonnes of coal a month in July and August versus average 576,000 tonnes a month in the first half, the Moscow-based newspaper said, citing Metal-Courier data.

The company will probably miss its full-year output target of 8.5 million tonnes, according to the newspaper.

Raspadskaya had a market value of about USD 2.2 billion yesterday, while steelmaker Evraz Group SA and Raspadskaya management have been seeking to sell the company for more than $5 billion in the first half of the year, Kommersant said.

(sourced from Bloomberg)

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