Turkish steel maker Erdemir to halt output if no new orders
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Hurriyet Daily News Online
Oluşturulma Tarihi: Mart 10, 2009 14:54
Eregli Demir Celik Fabrikalari TAS (Erdemir), Turkey's biggest steelmaker, plans to suspend production in a month if it receives no new orders, Oguz Ozgen, the company's general manager said on Tuesday.
Haberin Devamı
The company, which has been hit by rapidly declining steel prices as worldwide demand slumps, is due to report fourth-quarter earnings later on Tuesday, with analysts expecting on average a 325 million lira ($182.4 million) loss, Reuters reported on its website.
Ozgen also said they would layoff between 200-250 workers under a voluntary redundancy incentive program.
Turkey's Oyak Group conglomerate bought Erdemir in a 2005 privatization.