日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Companies

Longmay to cut 100,000 coal jobs

By Lyu Chang (China Daily) Updated: 2015-09-26 09:37

Longmay to cut 100,000 coal jobs

Faced with falling prices and weak demand in a slowing economy, coal companies will find it an opportune time for mergers and acquisitions, industry experts said on Tuesday. [Photo/China Daily]

Non-core businesses being sold to pay off debts as mining group reels from continued losses

The largest coal mining group in Northeast China is cutting 100,000 jobs within the next three months to reduce its losses - one of the biggest mass layoffs in recent years.

Heilongjiang Longmay Mining Holding Group Co Ltd, which has a 240,000 workforce, said a special center would be created to help those losing their jobs to either relocate or start their own businesses.

Chaiman of the group Wang Zhikui said the job losses were a way of helping the company "stop bleeding".

It also plans to sell its non-coal related businesses to help pay off its debts, said Wang.

The State-owned mining group has subsidiaries in Jixi, Hegang, Shuangyashan and Qitaihe in Heilongjiang province, which account for about half the region's coal production.

China's coal mining industry has been struggling with overcapacity and falling coal prices since 2012.

Last year, Longmay launched a management restructuring and cut thousands of jobs to stay profitable, amid the overall industry decline.

However, the company still reported around 5 billion yuan ($815 million) in losses.

It has been a dramatic fall from grace for the company, which in 2011 reported 800 million yuan in profit with annual production exceeding 50 million metric tons.

Experts said staff costs remain a major reason for the company's continued heavy losses.

Last year its coal production stood at 49 million tons, just 10 percent that of Shenhua Group Corp Ltd, China's biggest coal producer. But Longmay's workforce remains well above that of Shenhua's 214,000 in total.

Official data show that average annual production per head at Longmay is about 250 tons, against a national industry average of between 500 to 600 tons.

Longmay also has 180,000 pensioners to take care of, with life-long payments covering pensions and medical insurance, which are also considered a huge financial burden.

"Personnel is probably its largest cost," said Deng Shun, an analyst at Shanghai-based energy consultancy ICIS C1 Energy.

"Actually many traditional State-owned coal enterprises are facing the same kind of problem. It has become more severe as the industry remains on a downward trend."

Deng also cautioned on the social problems that massive layoffs may cause, suggesting a reduction in welfare or salaries might be a better way to cut back on costs.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 色优久久 | 看全色黄大色黄大片大学生 | 国产毛片高清 | 欧美一卡二卡在线观看 | av一级在线观看 | 我要看一级黄色录像 | 亚洲国产视频网站 | a天堂在线观看视频 | 亚洲插插 | 三级av在线免费观看 | 一级黄色片a | 少妇视频在线播放 | 91一区二区 | 欧美丰满老妇 | 一级欧美一级日韩片 | 欧美中文字幕第一页 | 蜜桃久久av一区 | 97超碰中文字幕 | 国产xxxx性hd极品 | 在线观看精品一区 | 一个人看的www在线视频 | 69成人免费视频 | 美日毛片 | 亚洲免费资源 | 国产福利在线播放 | 亚洲色图88 | 久热伊人 | aaa国产 | 色天天综合 | 国产精品久久久久久69 | 神马久久久久久 | 日本黄色高清 | 久久久久高清 | 欧洲一区二区在线 | 精品视频一区二区三区在线观看 | 久久免费高清视频 | 国产黄色片在线播放 | 国产理论视频 | 成人一区二区三区四区 | 亚洲特级黄色片 | 亚洲蜜臀av乱码久久精品蜜桃 |