Mechel to cut 2009 steel product output 20-25 pct
* Mechel plans to cut 2009 steel product output by 20-25 pct
* No plans to cut staff in 2009, will reduce working hours
* Jan-Sept 2008 net profit $1.64 bln, up 131.9 pct on year
* Jan-Sept 2008 EBITDA $2.86 bln, up 137.7 pct
* Jan-Sept 2008 revenues $8.58 bln, up 84.7 pct
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By Polina Devitt
MOSCOW (Reuters) - Russian steel maker and coking coal miner Mechel (MTL.N: Quote, Profile, Research) posted strong nine-month results on Thursday, and said it plans to cut steel product output by 20-25 percent in 2009 in response to weaker demand.
The company said it had no plans to cut staff numbers, but would reduce working hours in response to the lower demand, as a result of the global financial crisis. Continued...
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