‘This isn’t the first time we’re going through a crisis, and so we more or less know what to do. We actually take the standard steps like reviewing our operational and capital expenses and cutting back on or canceling out the unnecessary ones, as well as making our managerial teams more efficient,’ Pipe Metallurgical Company’s General Director Alexander Shiryaev said in the course of his interview to Vedomosti.

‘For one, we will have to give up the idea of putting up a steel-smelting complex at Tagmet in Taganrog and the FQM continuous mill at Severskiy plant in 2009. Instead, the better part of the construction process will probably be carried out in 2010,’ he added.