The turnover of shipyard Daewoo Mangalia Heavy Industry reachedrecord levels in 2008 and 2009, but losses also climbedsignificantly, exceeding 200 million euros in two years.
The management of Daewoo Mangalia Heavy Industry (DMHI),Romania's biggest shipbuilder, says if production can be covered bythe existing orders, it does not deem necessary to conduct a majorrestructuring of its activity.
In the last two years, although the builder boasted a large volumeof orders and posted record-high yearly turnover, of over 1.2billion RON (280 million euros), the company registered the biggestlosses in the shipyard's history, which amounted to almost 220million euros in cumulated losses in 2008 and 2009.
Daewoo Mangalia, in which the state holds a 49% stake and Koreangroup Daewoo 51%, is the biggest economic operator in Constanţacity (SE Romania), employing around 3,500 and another severalthousand indirectly. This could be one of the reasons for which,although the company is facing major financial difficulties, themanagement has so far been less willing to resort to redundancieslike most major companies in Romania did, with the only suchmeasures announced so far being 72 layoffs operated inFebruary.
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