25
Jul
08:55
Wuhan Steel reports profit after workforce reduction
Wuhan Iron & Steel reported profit of CNY 703 million ($46m) for the first half year of 2016 after letting go 3,100 employees. This is considered as Wuhan’s preparation for the upcoming restructuring together with Bao steel. The cost-cutting action will continue to be pushed forward, Kallanish notes.
Wuhan already arranged 10 thousand resignations till end-June. Management staff have been cut from 833 to 346. Furthermore, the company plans to lay off a…
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Anonymous
Very good overview of the weekly steel market.
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