Magnitogorsk Iron & Steel Works (MMK) was able to negotiate for lower purchasing prices for certain kinds of raw stuffs after some strenuous talks had been held by the suppliers and MMK’s Vice President Sergey Krivoschekov and Commercial Director Nikolai Lyadov.

Magnitogorskiy Metall reports the decrease in scrap metal and ferrous alloys purchasing prices will come to 70% and 30%, respectively, in October and November 2008. In addition, a 30% will be offered by certain suppliers on the coal concentrate. In the meantime, MMK is still negotiating with the iron ore suppliers for a discount.

All these efforts are a part of MMK’s anti-crisis plan aimed at reducing the outgoings through raw stuff price decreases, smaller purchasing volumes, more efficient use of raw materials’ reserves, and greater reliance on the enterprise’s own raw stuffs and secondary resources.