Mechel will cut its planned capex for the period 2009-2012 by 1.1 billion dollars. The Russian coal and steel group said in a statement filed with the U.S. Securities and Exchange Commission that it planned to invest 2.9 billion dollars in the period, including 1.4 billion dollars in its upstream segment, 1.2 billion dollars in steel, 110 million dollars in ferroalloys and 36 million dollars in energy. Mechel said it would continue to invest according to the cash means at its disposal and market conditions, and that its investment plans were therefore subject to adjustment. Mechel earlier planned to invest 5.2 billion dollars - 3 billion dollars of it in mining - in the period 2008-2012. Capex came to 1.2 billion dollars in 2008. Thus, investment for the period 2009-2012 will fall by 1.1 billion dollars, according to the latest statement.
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