The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.3 - Manufacture of other products of first processing of steel
2,000 jobs Number of planned job losses
Announcement Date
20 May 2005
Employment effect (start)
20 May 2005
Foreseen end date
31 December 2010
Description
According to the 2004-2010 national strategy for the restructuring of the Romanian iron steel industry, Mechel Târgovişte (Sud region, Dâmboviţa county) will decrease its employees’ number by 300 in 2005. By 2010, employment figures at Mechel Târgovişte will fall down to 3,000 jobs, starting from 5,000 in 2004.
The special steelworks at Mechel Târgovişte is Romania’s largest metallurgical plant. It produces rolled products in carbon and alloy steel and forged and calibrated products for machinery and automobile manufacturers, the construction industry as well as the hardware, bearing and pipe industries.
The business of the Russian group Mechel consists of two segments: mining and steel, comprising facilities in Russia, Kazakhstan, Romania and Lithuania. In addition, Mechel owns two trade ports and a railway company.
In 2004, Mechel group had revenues of $3.64 billion , net income of $1.34 billion and profit of $907.7 million.
Sources
20 May 2005: Economistul
Citation
Eurofound (2005), Mechel Târgovişte, Internal restructuring in Romania, factsheet number 61869, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61869.
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