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Amurmetall OAO Restarts Steel Production-Interfax


Wednesday, 24 Jul 2013 03:40am EDT 

Interfax reported that Amurmetall OAO (Amurmetall) has started producing steel again after idling for a month, the Company said in a statement. Due to a low workload, Amurmetall's operating losses in the first four months of 2013 totaled RUB 496 million. In light of the depletion of its own working capital and the absence of credit, Amurmetall stopped production in its key production divisions on June 6-10. The plant now has 3,927 employees, 786 of which were sent on forced leave and another 1,070 are on leave with three-quarters pay. The plant was due to restart on July 8. The Company said on July 24 that is was able to restart now due to a seasonal increase in demand for long products. The plant still shipped 18,800 tons of roll to consumers in June, 57% above target. It has orders to produce 30,500 tons of billets and 29,300 tons of long products in July. All of this will be sold on the domestic market. Amurmetall reduced crude steel production 26.5% year-on-year in January-May to 225,184 tons, including 50,524 tons in May. 

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0.61155 +32.19%
14 May 2014