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Severstal Defers $8 Billion Steel Investment Program
BANGALORE, INDIA--December 1, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--As the global economic crisis continues to check industrial progress worldwide, industry majors in the steel sector are continuing to curb production and defer proposed capital expenditures, the latest being Severstal (MCX:CHMF) (Cherepovets, Russia), Russia's largest steel producer. The firm announced an indefinite withdrawal from an ambitious investment program of $8 billion that was announced last year.
Other companies featured: ArcelorMittal (NYSE:MT)
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Industry Segment: Metals & Minerals
Word Count: 475 Words
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