Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Starting 14 July, the management board of the siderurgycal company Mital Steel Galati approved the requests for redundancy by 1,461 employees. Another 300 demands received from employees with a short tenure in the company were rejected. The redundant persons will receive an amount between RON 14,000 and RON 18,000, depending on their tenure. In addition to this amount, for a period between six and 12 months (also according to tenure in the company) the employees will receive a monthly amount equivalent with the value of the last wage received as employee in the company. After this new wave of dismissals (the sixth) in the company, 15,100 employees will remain. This is approximately half of the number registered in autumn 2001, when Mittal Steel purchased the company Sidex Galati. According to the privatisation contract, Mittal Steel does not have the right to dismiss personnel for five years. Therefore, the management of the company offers generous financial compensations for all the employees that leave the company voluntarily.
Eurofound (2006), Mittal Steel Galati, Internal restructuring in Romania, factsheet number 63775, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63775.
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