News of planned retrenchment at Wuhan Iron & Steel Group were denied flat by the company Monday, but whether impending staffing adjustments at China's fifth-biggest steelmaker can be termed layoffs may be more a question of semantics.
Responding to an article by Jiemian.com saying the group may lay off 11,000 employees, including more than 6,000 at its Shanghai-listed unit, group spokesman Sun Jin told Platts that it currently had no plans for "layoffs." But he added: "As a listed company, Wuhan Iron & Steel Co. has the right to determine its own operating strategy based on the market and development requirements. The group company, as its biggest shareholder, understands and supports this."
Key to making sense of what labor arrangements could take place at Wugang might be an appreciation of how China's state-owned enterprises enhance efficiency through employee reduction.
Unlike private enterprises, SOEs don't always automatically retrench staff outright, but may use other schemes like early retirement or transfers to other business units.
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