WHAT'S THE RUSSIAN BASE METALS SECTOR KEEPING SO QUIET ABOUT?

摘要

Concerns that the global financial crisis might spill over into the real sector are already a thing of the past because this has already happened. It seemed no industries were left unscathed. Managers at some of Russia's biggest iron and steel companies, among them Evraz, Severstal and TMK said last week that they were cutting output, and reviewing production targets and investment plans for this year and next. They are tightening their belts mainly because of a drop in global demand and prices for their metal, an increase in the cost of borrowing and the threat of margin calls on existing loans.