Larco to cut output by 20% as part of emergency deal, Minister says

January 10, 2019 / www.metalbulletin.com / Article Link

Greece's state-owned ferro-nickel company Larco is to cut production by 20% as part of an agreement with the country's government to pay down debts and stay in operation.

George Stathakis, Greece's Minister of the Environment and Energy, told Fastmarkets that the deal, reached this week, will also see Larco pay four million euros per month to the Public Power Company (PPC) for electricity consumption.No agreement has yet been reached on the repayment of Larco's outstanding debt of nearly ?,?300 million plus interest, Stathakis said. "There are some ongoing negotiations on...

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