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Bulgaria Second Largest Steel Maker Takes Forced Vacation Due to Global Crisis

Date: 18.11.2008

Beginning December 1, Bulgaria's second largest steel mill of the company Stomana Industry in the town of Pernik is temporarily discontinuing its production, the company's Executive Director Emil Zhivkov reported on Monday.

The forced vacation comes as a result of the global financial crisis in the metallurgy sector world wide.

The steel workers, who have not yet used their paid annual leave are going to stay home in December while those without remaining leave would work on some basic renovations of the company's equipment.

"Stomana Industry" is going to complete all its orders by the end of November. The company has not received any orders for December.

Measures undertaken by the company's management aimed to reduce the crisis' negative effects include the suspension of all capital projects, and of the supply of spare parts for the company as well as the discharge of 300 workers, who have agreed to leave and would receive monetary compensations.

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