Report: Siderperú still operating at reduced speed, to fire more workers

Thursday, June 4, 2009

Peru's largest steelmaker Siderperú is still running at a reduced rate with one of its blast furnaces stopped and no foreseeable date to restart it.

The company also has plans to fire more workers, according to Lima daily Gestión.

The company said that it is compelled to let go workers because maintenance of the furnace has finished, the report said.

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The number of workers to be laid off exceeds 100, Siderperú union leader Marino Ávila was quoted as saying.

In early May the controller of Siderperú, Brazil's Gerdau (NYSE: GGB), gave the green light to a US$140mn expansion of the company to 700,000t/y from 400,000t/y in roughly 2010. Last year Gerdau said it aimed to increase output to 3Mt/y in 2013.