Jinchuan Group cuts pay as China economy slows

Aug 30, 2013 | 01:53 PM |

Tags  Jinchuan Group, nickel, copper, cobalt, wage cut, Yang Zhiqiang

SHANGHAI — Jinchuan Group, a major Chinese producer of nickel, copper and cobalt, has reduced wages as it copes with difficulties in its markets and a slowdown in China’s economy.

The move, which isn’t unusual in Chinese state-owned companies going through challenging periods, was confirmed by the company.

There was some market speculation that the measures were related to some kind of significant one-off loss, but a company executive denied this. "This (cut) is due to some more profound reasons. After all, the economic situation is not good," he said.....

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