NLMK
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30 March 2007 г. | 13:45
NLMK agrees to sell Prokopievskugol
During its period of ownership, NLMK succeeded in alleviating the most acute problems of Prokopievskugol, including settlement of its Rub 460 million (ab. USD 17 mln), amelioration of industrial safety and reduction of environmental impact. Today, all debt is repaid, there has been a 16% increase in wages, while the number of employees has being maintained at 15.9 thousand people. In 2006, financing of USD 7.4 mln was allocated to improve mining safety in the framework of the “Industrial safety and emergency tolerance at Kuzbass coal mining facilities 2005 – 2010 program”. These efforts resulted in a 10% decrease in the accident rate during 2006 compared to 2005.
The high level of Prokopievskugol’s production costs and great difficulty of achieving cost reductions without substantial cuts in headcount determined NLMK’s decision to divest the asset. The costs of production at Prokopievskugol mines are twice as high as industry averages due to the low level of mechanization, resulting in high material, payroll and energy costs. The net losses of Prokopievskugol Group of Companies since consolidation by NLMK in April 2006 through December 2006 are around USD50 mln1.
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