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Downsizing deals - Erdemir asks employees to opt for VRS

TODAY'S ZAMAN reported that Turkey's largest steelmaker Eregli Demir Çelik has decided to reduce its workforce by encouraging its workers to leave their jobs voluntarily with extra compensation in addition to a severance package. Erdemir, released a written statement to the Istanbul Stock Exchange saying that employees working at the Erdemir Group's five subsidiary companies Erdemir, Isdemir, Erenco, Erbor and Ersem will be encouraged by means of a financial incentive to leave their jobs.  The company said all employees in these five companies, including those entitled to a pension, stand to benefit by taking advantage of such an incentive.  The company did not cite any particular reason for the decision, but the move is likely in response to possible problems stemming from the ongoing global financial crisis. Erdemir primarily manufactures flat steel for durable white goods and the automotive sector.

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