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    Steel output at Russia's Severstal down 48% in 4Q08

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    MOSCOW, February 11 (RIA Novosti) - Russian steelmaking giant Severstal said on Wednesday its steel production fell 48% in the fourth quarter of 2008 to 3.14 million tons.

    Iron ore output dropped 37% to 2.49 million tons, while gold production was up 83% to 2.6 tons.

    Steel output for the whole of 2008 was up 10% on 2007 at 19.2 million tons.

    The company said fourth quarter 2008 sales were between 15% and 29% lower than the previous quarter.

    Severstal, which accounts for over 16% of Russian steel output and has production facilities in Russia, the United States, Italy, France, Britain, and Ukraine, produced 17.5 million metric tons of steel and reported $15.2 billion in revenues in 2007.

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