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Severstal moves to cut expenses 20%

Keywords: Tags  OAO Severstal, steel, Alexy Mordashov, expenses, job cuts, nadia popova

ST. PETERSBURG, Russia — Russia’s OAO Severstal plans to cut general and administrative expenses by 20 percent in 2013 to boost efficiency in difficult market conditions, chief executive officer Alexey Mordashov said in a recent letter to employees.

The Russian steelmaker, whose first-quarter earnings fell 25 percent from a year earlier, also plans to slash some jobs, a company spokeswoman said.

While the company “is not planning any significant job cuts,” she said, “some optimization in the total number of our employees is taking place, including ... in the number of administrative staff.”

A version of this article was first published by AMM sister publication Steel First.

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