Norilsk Nickel cuts production
Russian mining and metallurgy giant Norilsk Nickel will in 2009 cut parts of its production by up to five percent, but will not cut staff in Russian units, company CEO Vladimir Strzhalkovskii said to the press.
According to Strzhalkovskii, nickel production will in 2009 be reduced by one percent, while cupper production will be cut by 3-5 percent. Meanwhile, the company will not cut staff in Russian production plants.
-The crisis which is unfolding in the international metallurgy industry will not leave Norilsk Nickel unaffected, Mr. Strzhalkovskii said in a press conference, adding that the company expects profits to soar four times in 2009 compared with 2008.
At the same time, the company manager stressed that the mining and metallurgy company is not threatened by the crisis.
-Norilsk Nickel is in a good and stable financial situation and is in no need of long-term credits, he maintained.
Following the international crisis and lower revenues, Norilsk Nickel will this year hand out no dividends to owners, the company’s corporate newspaper Kolskii Nikel reports.
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