Kuzbassrazrezugol, a part of Ural Mining and Metallurgical Company (UMMC), has reduced the coal production guidance for 2019 to 47 million tons from 50 million tons, the company said citing CEO Sergei Paramonov.
“The company continues to pursue an upgrade of facilities, raising investment every year. The annual coal production plan was adjusted due to an unfavorable situation on the coal market. A decision to abandon planned production growth to 50 million tons was made not to raise stocks in warehouses,” Paramonov said.
Investment is to grow to 19.25 billion rubles from 17.4 billion rubles in 2018, the company said.
Kuzbassrazrezugol’s production was 48.4 million tons in 2019. (Prime/Ukrainian metal)