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Zaporizhia Aluminum Plant to stabilize its financial and economic situation - Ukraine's SPF

Zaporizhia Aluminum Plant to stabilize its financial and economic situation - Ukraine's SPFPublic joint-stock company Zaporizhia Aluminum Plant (ZAlK) is to stabilize the financial and economic situation at the enterprise in 2016 and keep away from wage arrears.

Ukraine's State Property Fund said in a press release that the shareholders in ZAlK at a general meeting on April 21 approved the areas of activity.
"The shareholders determined key areas of activity for 2016. The state will continue controlling the company's operations. Five SPF representatives out of seven members of the supervisory board were elected," the fund said.

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The top priority task is stabilizing the financial and economic situation, avoiding wage arrears, social package provision, restoring production and preventing a bankruptcy case opening.

Supervisory board members were elected for the period of three years.

ZAlK in 2015 saw net loss rise by 3.6% compared to 2014, to UAH 2.044 billion. The plant's assets in 2015 decreased by 17.7% to UAH 216.864 million.

The number of employees increased by 9.1% in 2015 to 120 people.
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