Reuters reported that Bulgarian metals group Intertrust Holding plans to reduce its staff by a fifth to shield its operations due to lower global metals prices and tighter credit markets.

Mr Roberto Mladenov CEO of Intertrust Holding said that it will lay off up to 700 people, some temporarily, out of its 3,400 strong workforce.

He added that "We have adopted an anti crisis program, under which we will optimize the group's staff by some 600 to 700 people. Some people are asked to go into retirement, others are taking paid or unpaid leave."

Mr Mladenov said that the measures would be in force for three months and some people could go back to work if the situation improved.

Intertrust Holding comprises 21 companies, but the biggest cuts, up to 300, will take place at the lead and zinc miner Gorubso Madan, where 130 people have already been laid off.

Bulgaria's biggest zinc and lead producer KCM said that it was also suffering from the crisis and had to cut expenses but was not considering staff cuts for now.