Raspadskaya Headed for Two-Week Low on Production Target Cut

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.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.