OREANDA-NEWS  On 20 November was announced, that the Alchevsk metallurgical plant (ALMK) in Luhansk region from November suspended the implementation of investment projects in the environment of the financial crisis, Volodymyr Kurakovskyi, the deputy director general of the plant said.

According to Kurakovskyi, the metallurgical plant implemented projects planned for the 2004-2011 period to modernize production facilities for investments from the Industrial Union of Donbas Corporation in Donetsk.

The total value of investment is UAH 3.473 billion.

To date, the metallurgical plant has laid up all objects because of the difficult financial and economic situation at the plant, Volodymyr Kurakovskyi said.

Moreover, the Alchevsk metallurgical plant has sent 25% of 17,981 employees to unpaid leave from November to March, he said.

"We hope to restart operation from March," he said.

According to the deputy director general of the plant, the Alchevsk metallurgical plant trimmed the volume of production by 77% from July through October.

Losses of the metallurgical plant for October are estimated at UAH 244 million, Kurakovskyi said.

The Alchevsk metallurgical plant trimmed agglomerate production by 11.8% or 43,100 tons in September over August, to 322,000 tons.

In September, the Alchevsk metallurgical plant reduced steel production by 29.5% or 122,200 tons, compared to August, to 292,000 tons, pig iron production by 25.7% or 87,000 tons to 252,000 tons, increased rolled metal production by 31.3% or 112,500 tons to 247,000 tons.

In January-September 2008, the Alchevsk metallurgical plant reduced agglomerate production by 3.6% or 133,000 tons, compared to January-September 2007, to 3,573,000 tons.

A total of 90.18% of the shares of the metallurgical plant belong to the Industrial Union of Donbas Corporation (Donetsk).

The Alchevsk plant specializes in the production of steel plates, sheets, as well as bars and slabs.