Whitehaven Coal sees higher prices on disruptions
The company's Blackwater and Daunia mines in Queensland, which it recently purchased from BHP, produced 4.8 million tonnes.
Swedish equipment and tool manufacturer Sandvik Mining (STO:SAND) is letting go 210 white-collar employees at its Materials Technology unit (SMT), located in Sandviken, about 190 km north of Stockholm.
The decision comes as tougher competition from Asian suppliers, pressure on prices and a sustained weakness in the oil an gas sector have all hit the business, the engineering group said in a statement quoted by the Swedish public broadcaster SVT.
The Stockholm-based firm noted the measure is part of a broader plan to restore profitability at the division, which saw adjusted operating profit fell by 37% in the second quarter of this year compared to the same period in 2016, as pointed in a July 17 press release.
Chief executive of Sandvik Materials Technology, Petra Einarsson, said the move is key for the long-term success of the company, though it won’t lead to any one-off costs for the Sandvik group.
Shares in the firm fell on the news, trading 0.24% lower at 126.40 Swedish Krona close to the end of the day (3:26PM local time). The stock, however, has risen more than 12% so far this year.
