Romanian TMK Resita To Lay Off 200 Employees In ’09

Romania’s steel mill TMK Resita (RESY.RO), owned by Russia's TMK, will lay off 200 employees in 2009, as part of the company’s strategy in the current economic environment, the company said Tuesday.

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Thus, TMK Resita’s employees will decrease from 1,166 to 966 persons, according to a company statement sent to the Bucharest Stock Exchange.

TMK group aims to delist TMK Resita’s shares from Rasdaq market of the Bucharest Stock Exchange. TMK is developing an offer to takeover the shares it does not own in the company. It offered the company’s minority stockholders 1.9 million lei (EUR1=RON 4.2971) for a 0.51% stake.

TMK Resita has a share capital of RON327.5 million, split up into 131 million shares with a face value of RON2.5 per share.

TMK also owns Romanian pipe producer TMK-Artrom Slatina SA (ART.RO).

On Tuesday, TMK Resita shares on Rasdaq market closed flat on the day, at RON2.86 per share.

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