Date
20 September 2017

Yanzhou Coal to cut China payroll by 18%, WSJ says

Yanzhou Coal Mining Co. plans to cut about 18 percent of its domestic workforce over the next three years amid weakness in the global coal market, the Wall Street Journal reported Tuesday. The company also intends to restructure its Australia unit’s senior management in a bid to improve results, the report said. Chairman Li Xiyong said Yanzhou Coal plans to shed about 13,000 jobs in China and transfer 15,000 employees from its Shandong headquarters to new mines between now and 2016 to cut wage expenses. The company had an 87 percent decline in 2013 net profit, the report said.

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