Ukraine-based Kremenchug Steel Casting Plant (KSZ) has stated that it is going to halt its manufacturing processes. The company planned to lay off 1,500-2,000 employees in October, but, due to the worsening of economic conditions, a greater number of employees could be laid off.
The company's warehouses are filled with products, with buyers showing no interest in purchasing them. The company used to supply over 90 percent of its products to Russia. KSZ had been idled from February 24 to June 30 , and then renewed operations for three weeks. However, from July 23 KSZ again idled its activities as Russia withdrew certification for its products.
Kremenchug Steel Works produces steel castings for railroad cars and trucks. In 2013, KSZ produced 70,340 mt of castings, down by 48.4 percent year on year.