Anatolia News Agency reported that Çelik Fabrikaları announced that it has laid off 49 employees, about 15% of its workforce.

Cemtas in a filing told the Istanbul Stock Exchange that “The effects of the global crisis are being felt stronger in the automotive and iron & steel industries. As demand has fallen rapidly, production at the company has nearly came to a halt.”

It said that since the last quarter of 2008, Çemtaş had to lay off 45 workers adding that the severance pay and other benefits to those laid off totaled TRL 730,000.

(Sourced from Anatolia News Agency)