There Go the Jobs: Northeast Miner Lays Off 100,000

Caixin: Coal Miner in Northeast Plans to Slash Workforce by 100,000
The largest state-owned coal mining company in China's northeastern region will cut its workforce by 100,000 over three months to reduce costs and improve efficiency, its chairman said on September 21.

Wang Zhikui, chairman of Heilongjiang Longmay Mining Holding Group Co. Ltd., said the firm, which now has around 240,000 employees, will make the labor cuts through layoffs, early retirements and arranging other employment.

Longmay will also sell its non-coal businesses and work to collect debts it is owed by other firms in a bid to resolve its shortage of cash, Wang said.
Credit guarantee and loan defaults are coming because everyone is short on cash.

No comments:

Post a Comment