Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

Ailing mining company closes

THE UNEMPLOYMENT rate in the Rožňava District in eastern Slovakia, which is already one of the highest in the country, could soon rise by two percentage points to more than 21 percent.

THE UNEMPLOYMENT rate in the Rožňava District in eastern Slovakia, which is already one of the highest in the country, could soon rise by two percentage points to more than 21 percent.

The management at Siderit, an iron-ore mining company in Nižná Slaná, announced on October 27 that, after years of financial troubles, the company is entering bankruptcy proceedings.

The closure will leave about 600 of Siderit’s employees jobless, the Hospodárske Noviny financial daily wrote.

The announcement comes two months after the Slovenský Plynárenský Priemysel (SPP) gas utility shut off supplies to the company due to Sk200 million in unpaid bills.

In an effort to save jobs, the government last year injected Sk183.5 million into the struggling company, part of which the company spent on modernisation and making its operation more energy efficient, the SITA newswire wrote.

Siderit is one of the biggest employers in the Rožňava District. It extracts iron ore which has a low iron content and must therefore be processed into blast-furnace pellets, which requires a lot of energy. The company is one of the only producers of blast-furnace pellets in Central Europe.

Top stories

New legislation protects creditors from unfair mergers

Fraudulent mergers were a legal business model enabling unfair businesses to get rid of debts

Tightening conditions when merging companies will increase the red tape of lawful mergers and prolong this procedure.

Blog: How long until a robot takes your job?

Are robots really taking over? What are the benefits and what are the risks?

Illustrative stock photo

Fifty Shades of Grey: Slovakia's Olympic outfits will not stray from tradition

The official outfit for Slovak athletes at the Pyongyang Olympic Games has been presented; the Slovak Olympic Committee (SOV) is not satisfied.

Olympic outfit of Slovak athletes

EMA will go to Amsterdam, not Bratislava

The Slovak capital finished fourth in first round of vote for the seat of the prestigious European Medicines Agency

EMA will move from London due to Brexit. It will go to Amsterdam.