Argentina Steel Corp Announces $1 Billion 200 Million Investment Plan Postponed
Because financial crisis At home and abroad Market steel Demand fell. Argentina's largest steelmaker, Argentina Steel Corp, announced that it had postponed an investment plan of $1 billion 200 million for 9 days.
Argentina iron and steel The company announced on the Buenos Aires Stock Exchange on the same day that the Argentina Steel Corp began implementing the investment plan in 2005. Its main purpose is to expand the production of pig iron and iron and steel products.
Since 2005, the Argentina Steel Corp has invested 730 million US dollars in this project and plans to continue to invest US $1 billion 200 million between 2008 and 2011.
The announcement said, financial crisis The impact of Argentina and the international market on steel products has dropped sharply. The demand for steel and iron and steel products in construction industry and durable goods has been decreasing. This has caused a serious impact on Argentina's steel industry. In November 2008, global steel production decreased by 19% compared with the same period in 2007.
According to the announcement, the profit of Argentina Steel Corp in the third quarter of 2008 was 174 million 800 thousand pesos (about 50 million 670 thousand US dollars), a sharp decrease of 39% compared with the same period in 2007. To this end, the Argentina Steel Corp decided to postpone the investment plan to ensure that the company has sufficient funds to deal with the challenges of the crisis.
The Argentina Steel Corp originally planned to increase 2300 employees after the expansion of production, and the labour employment plan will also be postponed after the investment project has been stranded. The Ministry of labour of Argentina requires enterprises and trade unions to negotiate and avoid large-scale. Layoffs 。
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