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Wuhan Iron & Steel Group posts 703M yuan profit; listed unit to cut 6,000 more jobs

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Wuhan Iron & Steel Group posts 703M yuan profit; listed unit to cut 6,000 more jobs

posted a profit of 703 million Chinese yuan in the first halfas it made substantial layoffs, TheBeijing News reported July 25.

Incomparison, the steel producer's listed unit, ,posted a net profitof 521.6 million yuan in the year-ago period as well as a of 7.51 billion yuanin 2015.

WuhanIron & Steel Group cut the number of its management executives to 346 from833 in the first half while dismissing 3,100 workers with temporary contracts,the report said.

Thisadded to a total of more than 10,000 employees that the group has laid offsince 2015, in a bid to reduce costs and to improve efficiency.

Amongthis figure, Wuhan Iron & Steel discharged between 6,000 and 7,000employees. The parent group plans to additionally cut the listed unit'sworkforce by more than 6,000 before 2017.

The steelproducer wasselected to act as apilot unit for China's nationwide steel capacity cuts this year, which wasexpected to result in aggressive steel capacity cuts.

WuhanIron & Steel is intalks with BaoshanIron & Steel Co. Ltd. for a possible merger deal. The reportcited a steel analyst as saying that the two steel giants need to significantly reduce their steel capacities to pave the wayfor the merger.

As of July 25, US$1 wasequivalent to 6.68 Chinese yuan.