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Mechel plant based in Targoviste resumes activity

Steel maker Mechel, based in Targoviste (central Romania), is going to resume activity on Monday, after having been closed for the winter holiday, since December 25, when the employees were furloughed, getting 75-percent of their salary in this interval, according to the leader of the relevant trade union Mihai Toma.

Toma reminded the two reasons having resulted in the blocking of the activity at the plant: the economic crisis spreading late last year that came with less important orders and the cutoff by Russia in January of the gas supply to Romania, which postponed resumption of activity once again.

The Mechel plant based in Targoviste hit 115 million lei (that is approx. 31.6 million euros) in net profit January through September in 2008, that is five times the result in the same interval in 2007, on the background of a growth in business by 62 percent.

The company's share capital stood at 172.13 million lei, divided into 68.85 million shares, with a nominal value of 2.50 lei.

Mechel Targoviste is the single producer in Romania of tool steel, fast steel, electro plated steel strip, exporting important quantities of products, especially from the special steel range.

Swiss company Conares Trading, which later became the operator of the Russian metallurgical group Mechel, had taken over the plant in 2002.

The main shareholders of Mechel Targoviste are Mechel International Holdings AG, holding 86.60 percent of the plant's share capital, and SIF Oltenia (SIF5), owner of a 8.92 percent stake. Moreover, the National Authority for State Assets Recovery (AVAS) holds 4.05 percent of Mechel's shares.

Sursa: http://www.rompress.ro

Tags: mechel steel percent activity targoviste based plant sif

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