ST. PETERSBURG, Russia Russias 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
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.