Low world steel prices are forcing Metinvest, Ukraine’s mining and metallurgical company, to cut investment plans

Low world steel prices are forcing Metinvest, Ukraine’s mining and metallurgical company, to cut investment plans and to trim administrative staff by 30%. To avoid layoffs, the company is starting to shrink staff through attrition – retirements and resignations. “The metallurgical industry is cyclical, therefore the Metinvest group considers the current crisis as a temporary phenomenon,” reports the Mariupol-based company. “Implementation of the developed action plan in conjunction with operational improvements will save the maximum number of jobs and ensure the stable operation of enterprises.”