The Moscow shareholders of Rezhnickel, a part of Rusnickel, have started shutting down the works.
Some 850 employees will be sent to forced vacation with two thirds of salary.
Around 100 employees will be left looking after the shops. The machinery could be put back into operation as soon as the market situation improves. But because of the sharp fall in product prices and the coke price increase the main asset of the holding – Ufaleynickel in Chelyabinsk region – has also been “knocked out”, affecting 730 employees, or one third of the staff.
Tough measures haven’t touched the Serovsk mine yet, which supplies raw materials to metal works. (Ukrainian metal)