ChelPipe to dismiss 8 per cent of the personnel

According to the Russian business daily Kommersant (19 November 2012), welded and seamless steel tube and pipe manufacturer Chelyabinsk Pipe-Rolling Plant (ChelPipe) has submitted plans to the Ministry for Economic Development to dismiss 8 per cent of the personnel over 2012-2013 (1,400 production staff), attributing the move to the need to close down inefficient production facilities. It had already sacked 450 people by September.

According to analysts, the company had no choice due to its high debt burden, the debt restructuring assistance it received from the state and falling large pipe sales owing to the current economic slowdown.

 

 

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