September 21, 2018

Mechel metallurgical plants on sale

Russian metallurgical group Mechel put on sale, among many assets, the plants it controls in Romania. The company wants to obtain USD 150 M for the steel mills Mechel Targoviste, Mechel Campia Turzii, Laminorul Braila and Ductil Steel. Mechel needs the money in order to reduce its debts worth EUR 9.4 bln and to finance the Elga mine – a priority project for the company. Mechel Campia Turzii started in June the collective layoff of its 800 employees, in three phases due to end at the middle of September. After this moment, the plant should remain with 238 of its 1,050 employees. In a Cabinet meeting Wednesday, the government analysed if the Russian group Mechel kept its promises concerning the steel mill based at Campia Turzii, and the conclusion was that it observed all the clauses provided by the privatisation contract, governmental spokesman Andrei Zaharescu said.

Source: Nine o’clock (read more)

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