Date: 2013-07-31

Chinese Metal Working Market Provides Chances Amid Global Economic Woe

Metal working players are now taking their prompt actions to struggle for survival amid the global economic woe. As automotive and machinery industries have been severely striking by the finical crisis and those economic developed regions like the United States and Europe are in
great trouble dealing with the economic turmoil, the business environment for industries like auto parts, iron and steel, raw materials and other
equipment are being endangered. In response to the hardship, industry players are likely to make their move to cut costs, or to seek new chances in new market, for instance, China.

Cost cutting measures to save enterprises
In response to the turmoil, the German lawmakers implemented the 32 billion euros fiscal stimulus plan for the next two years in November; the
French government unveiled an 26 billion euros plan to aid the housing and auto industries earlier this month; and the European Union leaders
have agreed on a 200 billion euros stimulus package to boost the flagging European economy.

However, enterprises are still facing various challenges bought by the economic downturn such as weakening demand and lowering profits. Many have already started restructuring to cut costs in response to the economic situation.

Tornos, the Swiss-based machine tool maker, announced on December 10 that it is cutting working hours at its Moutier site. The step will comprise short time working for four weeks in January, affecting nearly 90% of the company's staff. According to Tornos, if demand continues to stagnate at its current level, similar steps will probably be taken in April or October.

Swedish bearings maker SKF AB said on the same day that the company is cutting nearly 6%, meaning 2,500 jobs, of its work force worldwide to adapt to lower demand from the automotive sector due to the global financial crisis. Most of the cuts will be made in Europe and the United States. Tom Johnstone, SKF chief executive explained in a statement that

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