April to be decisive for “Liepajas metalurgs”

  • 2013-04-15

RIGA - April will be decisive for the financially troubled metallurgical company "Liepajas metalurgs," the company's CEO Valerijs Terentjevs said in an interview with the LNT morning show "900 sekundes" this morning, writes LETA.

As reported, "Liepajas metalurgs" on April 11 suspended its primary production, and such interruptions are also possible in the future.

"Liepajas metalurgs" production volume was planned at 40,000-45,000 tons in April. The most optimistic scenario envisaged 75,000 tons. However, it seems that the company will only be able to produce around 30,000 tons this month, admitted Terentjevs.

"Liepajas metalurgs" operations lack stability due to insufficient current assets. The company is currently working on the optimization of production and administration costs and reviewing the work schedule.

Approximately 150 out of 2,300 "Liepajas metalurgs" workers could be laid off. The company could also cut salaries.

"Liepajas metalurgs" hopes to attract investors. Hopefully, if an investor finds "Liepajas metalurgs" worth investing, investments will be made immediately and not after a half-year or a year, pointed out Terentjevs.

"Liepajas metalurgs" also hopes that the government will decide on aiding the company.