OAO Raspadskaya, a Russian producer of coal for steelmaking, headed for the lowest level in almost two weeks after cutting its production targets through 2013.
Raspadskaya fell as much as 2.9 percent today and traded down 2.4 percent at 78.60 rubles by 1:46 p.m. in Moscow. A close at that level would be the lowest since Sept. 13, data compiled by Bloomberg show.
The company cut its coal production target for this year by 33 percent to 7 million metric tons and reduced 2013 guidance by as much as 15 percent, Chief Executive Officer Gennady Kozovoy said during a conference call Sept. 21.
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