November 22, 2017

Mechel to slash three cities from Romania

Targoviste, Campia Turzii and Otelu Rosu are the three cities that risk becoming dead cities after Mechel decided to sell its factories from Romania and axe over 5,000 employees, according to Adevarul daily. After announcing that it put up for sale all the factories from Romania, the Russians from Mechel are temporarily stopping the activity and leaving “in the dark” five cities, the main activity of which focuses on metallurgy. Mechel group announced at the end of last week that it decided to temporarily suspend the production activity in Romania, but also in Doneţk (Ukraine), due to difficult market conditions – low demand and unfavorable raw material prices. „The decision was made to reduce the costs and synchronize production with market demand. The decision was partially facilitated by the fact that the units from Romania have already completed their production plans for this year.” reads a press release of the Russian group.

Source: Bucharest Herald (read more)

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