Chinese coal major cutting 100,000

LONGMAY, the largest coal mining group in northeast China, is reported to be cutting 100,000 jobs over the next three months.
Chinese coal major cutting 100,000 Chinese coal major cutting 100,000 Chinese coal major cutting 100,000 Chinese coal major cutting 100,000 Chinese coal major cutting 100,000

 

Noel Dyson

According to several news outlets the coal company is making the cuts to reduce its losses.

The cuts put the 10,000 job cuts Caterpillar announced on Friday somewhat in the shade.

Ironically the Cat cuts were in response to slowing demand driven by a slowdown in the Chinese economy.

The announcement comes in the midst of Chinese president Xi Jinping’s tour of the US where he has been assuring politicians that China’s economy will achieve its targeted 7% GDP growth.

Longmay also cut staff last year when China’s coal industry was faced with almost three years of overcapacity and falling prices.

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