Huta Czestochowa to spin off and reduce employment

Prior to debuting on the Warsaw Stock Exchange (WSE), state-owned steel mill Huta Czestochowa (HC) is to reduce its workforce by 4,000 and split off some subsidiaries. It is also possible before entering the market, HC's entire share issue will be allocated to its creditors. The mill is currently preparing to attract a strategic investor to purchase its new B-series shares worth between zl. 100 million and zl. 400 million. However, because of its financial difficulties, HC would like to satisfy its creditors before choosing a strategic investor. HC's equity is now zl. 370 million and revenue for the first five months of this year was zl. 431 million. Last year HC earned zl 848 million in revenue, but had losses of zl. 182 million. (Puls Biznesu, page 3) J.K.