LLC Baku Steel Company suspended smelting steel. The steel furnace was suspended due to a chronic shortage of ferrous scrap. The company has not commented on the event.
A source in the steel mill told Turan that only the rolling mill works, producing various metal products (rebars, wire rods, channels, angles, etc.). Part of the employees have been released on vacation.
Note that the steel plant LLC Baku Steel Company acts on the leased production site of Bakelektroqaynaq JSC. The company controls over 98% of the capital of this JSC.
The nominal production capacity in 2014 was increased from 770 thousand to 1.1 million tons of steel per year. ---08B
Economics
-
Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
-
The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
-
An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
-
On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
Leave a review