Metallist, producer of steel parts for machines used in mining and metallurgy industries, has announced bankruptcy as it was not able to maintain the debt of about 300 million rubles (4 million euro). The company recently invested in new machines from Europe. According to management, the personnel and equipment allow to produce competitive products, “however, at the stage of technical re-equipment, which coincided with the demand decline, the plant was unable to pay off its loans in time.” In coming months the company must cut staff by more than 50% (564 employees).
On court order, the plant is put online for sale for 4.5 billion rubles (60 million euro).
Mettalist is located in Kachkanar, 250 km north of Yekaterinburg. The management points out that the modern machine park is in a very good shape.The factory’s customers are the biggest Russian mining and metallurgy companies such as Nornickel, Severstal, gold producer “Polus”, Uralvagonzavod and companies from Kazakhstan, Uzbekistan, Azerbaijan, Armenia, Bulgaria and Sweden.