MMK Metalurji incurs financial loss as production halted by strike

Friday, 26 July 2013 15:41:04 (GMT+3)   |   Istanbul
       

Turkey-based MMK Metalurji, a subsidiary of Russian steelmaker MMK, has announced that it notified the Turkish labor union Çelik-İş of its offer of a 10 percent increase in wages on July 23. A strike decision by Çelik-İş came into effect on July 19 at MMK Metalurji when the parties failed to reach an agreement on a wage rise.
 
MMK Metalurji stated that, while the negotiations with the union are continuing, no concrete results have been reached, with the union now asking for a higher raise.
 
"The production halt has already caused a financial loss for the company. Currently, other than the direct losses of the company, additional spending will be made in the future due to the restarting of production and related technological work. We are carefully calculating the potential financial loss and unforeseeable technological expenses since the strike process and the production halt will continue for an indefinite period," said MMK Metalurji.
 
MMK Metalurji's 10 percent wage increase offer will be valid through August 1.

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