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. Last Updated: 07/27/2016

Norilsk to Detail Plan in November

Beleaguered metals giant Norilsk Nickel plans to announce details of a major restructuring plan Nov. 1, a spokesman for Uneximbank, one of the company's major shareholders, said Tuesday.


"Financial discipline" will be the main business strategy to turn Norilsk around, said Modest Kolerov, head of Uneximbank's press service.


That should include an ongoing audit by Coopers & Lybrand, a full accounting of company expenses, rationalization of trade with the region's state enterprises and perhaps even a debt restructuring.


Norilsk Nickel, the world's second largest nickel producer, narrowly averted a dock-workers' strike earlier this week over billions of rubles in unpaid wages and continues to face dire financial conditions. A company spokesman this week said up to 80,000 workers could be laid off.


Uneximbank, one of Russia's largest banks with a 38 percent stake in the metals producer, was widely thought to have been closer to turning the company's financial fortunes around.