Thai subsidiary of the largest Japanese steel company Nippon Steel Steel Processing announced the temporary suspension of its activities in Rayong province, in Thailand since November 9, 2019, citing the continuing decline in sales.
"If we continue to work, there will be overstocking ... the steel production volume of the company significantly exceeds consumer demand", - said in a statement.
In this regard, the company will suspend the work of the main office and at the factory for an indefinite period.
the Company has assured all its employees that they will receive 75% of their wages during the downtime, adding that may need to leave some staff for a full working day, and they will be paid in the usual manner.
Also last week, at the same time was dismissed 400 employees of the plant for production of automotive tyres in Thailand. The reason is the same — a decline in demand for products.
Bangkok, can be, and is one of the top 10 tourist destinations in the world, but foreign investors today, he is not interested in more than beach holidays in the Arctic. This year, foreign investors have already pulled out of the country a huge amount of investment of 8.7 billion dollars. Foreigners disappeared Thai assets, and the figure this year is the highest since the late 90-ies.
