As Russian steel group leaves Romanians fear layoffs

The West Australian
Tuesday 5th March, 2013

BRAILA, Romania (AFP) – The disposal by Russian metal group Mechel of five plants in Romania for $70.00 to an obscure trading company has raised fears of a new wave of layoffs in the struggling European steel industry.”We fear that the sale of five steel plants in Romania to a firm without any experience in that field will translate into massive job cuts”, union leaders said in a statement.After ArcelorMittal’s decision to close plants in France, Belgium and Luxembourg, it is now Romania’s turn to be hit by painful restructuring plans.Mechel, a Russian metal group with revenues totalling $12.5…

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