Reuters reported that Russia's largest steelmaker Severstal hit by the financial crisis planned to cut production costs at its plants in the United States and jobs at its Cherepovets plant in Russia. Mr Alexei Mordashov CEO of Severstal said during a conference call that "We are developing an action plan to reduce our US costs.” He said 9,000 to 9,500 jobs may be cut at Cherepovets.
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