Sunday, October 22, 2017

Ural region metallurgical machinery producers see losses increase 3.5 times

During a meeting of the Yekaterinburg Economic Policy Council last week, plenipotentiary representative Igor Kholmanskikh announced that financial losses incurred by metallurgical companies and companies that produce metallurgical machinery have increased 3.5 times this year.

Kholmanskikh attributed the record losses in part to complications in active metallurgical field production, causing many companies to post no production results within the first nine months of the year, Ural Business Consulting reports.

"This resulted in layoffs and an increased number of unpaid leaves as well as a greater number of part-time workers," Kholmanskikh said, according to Ural Business Consulting. "Four enterprises have announced large-scale redundancies already."