Facor Steels declares lock-out at mini steel plant in Nagpur

Facor Steels Ltd. | Steel & Iron Products | Metals & Mining | BSE: 532657 | NSE:

07 Jan 2013 Evaluate

Facor Steels has decided lock-out its mini steel plant located at MIDC Industrial Estate, Hingna, Road Nagpur, with effect from January 07, 2013. The lock-out has been declared due to economic reasons with the support of staff and workers of the company as operating the plant at low order position was resulting into heavy losses for the company. The lock out will be applicable to all workmen and staff members except to certain staff and workmen of the company.

It is perhaps rare occasion in India, where all the workers and staff of the company have given their full support to the management to declare lock-out for closing down the production activities in the absence of adequate production orders with a noble intent to save the losses that the company would suffer by keeping its operations continued.

Efforts are made by the company to streamline its operations and all necessary steps are being taken to adequately protect interest of all stakeholders.

Facor Steels is a leading carbon, alloy, stainless and special steel manufacturer in central India with varied and broad product range, having the most modern state-of-the-art steel processing and quality assurance technologies.