Third layoff wave at Braila rolling mill

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The employees of Laminorul rolling mill of Braila (eastern Romania) have been experiencing the third wave of layoffs, these days, as a result of the financial crisis the economy has been going through.
More 29 workers have been given notice, after 56 were laid off in the previous tiers, so that the Laminorul works of Braila currently numbers only 594 employees.
As the layoff was beneath the minimal ceiling of a collective one, the step cannot be seen as a collective but as an individual layoff, said the leader of the works’ Metal 94 Trade Unions Constantin Iarca.
Laminorul SA registered losses of 11.71 million lei (round 2.75 million euros), in the first quarter of this year, in the context that its turnover dropped by over four times during the same time span in 2008.
The Braila-based rolling mill puts out steel rolling profiles and wires and owns a share capital worth 75.275 million lei corresponding to 36.19 million stocks, worth 2.0 lei each.
The Company’s majority shareholder owning 87.86 percent of the stocks is the Austrian Donau Commodities wholesaler of metal ores and metals, whereas Tubman Limited holds 6.35 percent and the Privatization Authority (AVAS) owns 0.36 percent, while 3.59 percent belong to individuals and 1.81 to other companies.
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