Novolipetsk Steel (NLMK) announced it idles two of five blast furnaces till the end of the first and second quarters 2009, the official press release of the company reads. Two other Russian leading steel producers, Evraz Group and Magnitogorsk Iron&Steel Works, follow suit.
      
      The president of NLMK explains this step as evident under severe market conditions. The company cuts steel production by10%, pig iron – by 13.5%. Meanwhile, the price on steel on the world market plunged 40%.
      
      Analysts say Russian steel production volume will decrease by 4% to 69.3 million tons in 2008. Next year it may drop 10% to61 million tons.
      
      source:
      www.akm.ru