Stomana Industry, the Bulgarian subsidiary of Greek steelmaker Sidenor, is to temporarily close its operations beginning on December 1, due to the lack of demand during the current period of global crisis.
Accordingly, the mill is to complete its last orders by the end of November, while for the month of December no orders were received. The mill has also suspended all its capital projects and has been forced to discharge about 300 workers, who will receive monetary compensation. The layoffs at the mill are to be completed by Wednesday of the current week.
The majority of employees will be sent on paid leave, while the remainder will be involved in the overhaul of the entire company which is planned for the end of the current year.