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RZD president Vladimir Yakunin had previously noted that the company’s clients had begun to scale down shipment volumes.

A fall in demand for ferrous metals and scrap, as well as a slowdown in industrial production growth and difficulties with financing in the construction industry, led to volumes being cut from levels initially ordered.

RZD shipped 73.4 million tonnes of ferrous metals last year, a mere 0.2% lower than in 2011.