ITRI: "Russia’s only tinplate producer, Magnitogorsk Iron & Steel Works (MMK), cut its production by a third in the final quarter, in comparison with a cut of 47.5% year-on-year in output of all finished steel products and a 50% drop in crude steel production. MMK’s tinplate production in 2008 declined by 13% to 216,000 tonnes, while fourth quarter output was only 39,000 tonnes.
'Global economic conditions significantly impacted the demand for steel products in 2008. Increasing demand during the first nine months of the year was followed by a sharp decrease in the fourth quarter. As demand subsided, the company took the decision to cut steel output and optimize the product mix,' MMK said."
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