Word: magnitogorsk
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Dates: during 2000-2009
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...biggest fallout has happened in cities that are wholly dependent on one big industry, especially steel or autos. In the Urals town of Magnitogorsk, a gigantic steelworks has placed 3,000 workers on forced leave. In Novolipetsk, to the east of Lyudinovo, thousands have been furloughed since Nov. 14, when the steel factory idled two of its blast furnaces. The government estimates that companies laid off about 200,000 workers in December and January, but that's probably an understatement. Yevgeny Gontmakher, an economist who heads the Russian Academy of Sciences' Social Studies Center, expects that Russia's official unemployment...
...biggest fallout to date has happened in cities that are wholly dependent on one big industry, especially steel or autos. In the Urals town of Magnitogorsk, a gigantic steelworks has placed 3,000 workers on forced leave. In Novolipetsk, to the east of Lyudinovo, thousands more have been furloughed since Nov. 14, when the steel factory idled two of its blast furnaces. Alexei Mordashov, one of Russia's best known oligarchs, has shelved an $8 billion investment program at his Severstal metals company that was scheduled for 2009-2011. The government now estimates that companies will lay off about...
...many takers. That's hardly surprising, of course: while banks and companies are laying off managers and white-collar staff by the hundreds, heavy industries are laying off blue-collar workers by the thousands. The GAZ auto works in Nizhni Novgorod has shut down its assembly lines; the giant Magnitogorsk Iron and Steel Works in the Urals has placed 3,000 workers on forced leave...