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 24.52 - Casting of steel
European Globalisation Fund (EGF)
Year: 2009, Case number: 22
1,900 jobs Number of planned job losses
Announcement Date
9 March 2009
Employment effect (start)
31 March 2009
Foreseen end date
1 July 2009
Description
Bulgaria's insolvent steel mill Kremikovtsi is to dismiss 1,900 workers. The first group of 400 employees is expected to be dismissed by the end of March, while the remainder 1,500 layoffs will be completed by the end of spring. The downsizing comes in response to various assessments on labour productivity that have estimated that the plant needs a 2,800 to 4,200 workforce and the current one puts off investors. Hundreds of workers from Bulgaria's Kremikovtsi steel mill protested on Monday over planned lay-offs and unpaid salaries, demanding the government find a buyer for the insolvent plant.
Eurofound (2009), Kremikovtsi, Bankruptcy in Bulgaria, factsheet number 71978, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71978.
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