Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Centrais Eletricas Brasileiras SA    ELET6   BRELETACNPB7

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Brazil's Belo Monte Dam Workers Strike For Pay Raise

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/23/2012 | 09:20pm CEST

--Union says workers on strike starting Monday

--Belo Monte strike the most recent stoppage of major dams in Amazon basin

--Construction consortium says current contract is in effect until October

 
   By Paulo Winterstein 
   Of  
 

(Adds company comment, details in third and fourth paragraphs.)

Workers at Brazil's controversial Belo Monte dam went on strike Monday to demand higher pay and benefits, the union representing the workers said.

Sintrapav, or the Union of Heavy Construction Industry Workers, said that all construction employees stopped work as of Monday, while support employees such as health and food services workers are working with limited staff. The strikers have yet to meet with representatives of Norte Energia, the group responsible for operating the dam, or Consorcio Construtor Belo Monte, the group building the dam, according to Sintrapav's office in Altamira, where Belo Monte is being built.

Norte Energia deferred questions to CCBM. CCBM said in a statement that the current employment contract is in effect until October 2012, and that the company will go through the courts to try to end the strike.

Andrade Gutierrez, Camargo Correa and Odebrecht, three of Brazil's biggest construction companies, are all part of CCBM.

Belo Monte, with a capacity of 11,200 megawatts, is set to be the world's third-largest hydroelectric plant when it begins operations in 2015. The dam, one of many planned for Brazil's Amazon basin, has been criticized by environmentalists and indigenous-rights groups who fear the dam will increase often violent struggles over access to land in the contentious region.

Norte Energia is composed of government-controlled utility Centrais Eletricas Brasileiras, or Eletrobras (EBR, ELET6.BR); the pension funds of state-run oil company Petroleo Brasileiro (PBR, PETR3.BR, PETR4.BR) and government lender Caixa Economica; as well as utilities Neoenergia (GNAN3B.SM) and Cemig (CIG, CMIG4.BR) and mining company Vale (VALE, VALE3.BR, VALE5.FR, VALE5.BR). Eletrobras is the biggest shareholder, with a 49.98% stake.

The striking workers are seeking improved pay as well as more time to visit family members at home.

The strike at Belo Monte follows work stoppages at other major hydroelectric dams in the Amazon basin. Workers at the Santo Antonio and Jirau dams, being built on the Madeira river close to the Bolivian border, returned to work at the start of this month after the most recent strike led to wage increases.

The government alleged that middlemen between construction companies and workers were making promises to workers that weren't kept by construction companies. As a result, the government pushed for more universal contract terms at future dams to avoid such problems at other work sites.

-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073; paulo.winterstein@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CENTRAIS ELETRICAS BRASILE
01:48a CENTRAIS ELETRICAS BRASILEIRAS : Market Announcement - 08 18 17 - ANEEL Inspecti..
12:53a CENTRAIS ELETRICAS BRASILEIRAS : Relevant Fact - 08 18 17 - Change ADRs Bank
12:13a CENTRAIS ELETRICAS BRASILEIRAS : Market Announcement - S&P Report
08/17 CENTRAIS ELETRICAS BRASILEIRAS : Results Presentation 2Q17
08/04 CENTRAIS ELETRICAS BRASILEIRAS : Market Announcement 08 03 17 - Clarification to..
07/29 CENTRAIS ELETRICAS BRASILEIRAS : Relevant Fact 07 28 17 - Board of Directors
07/06 CENTRAIS ELETRICAS BRASILEIRAS : Relevant Fact 06 30 17 Dividend Policy
07/06 CENTRAIS ELETRICAS BRASILEIRAS : Market Announcement 06 30 17 - SPEs Subsidiarie..
07/06 CENTRAIS ELETRICAS BRASILEIRAS : Dividend Distribution Policy
07/05 Brazil may allow Eletrobras to raise rates at dams impacted by 2012 rules - s..
More news
News from SeekingAlpha
08/17 Brazil regulator orders Eletrobras to return $951M
08/16 Eletrobras' (EBR) CEO Wilson Ferreira Jr on Q2 2017 Results - Earnings Call T..
08/15 REPORT : Petrobras may take over some Eletrobras thermal power stations
08/14 Centrais Eletricas Brasileiras S.A. - Eletrobras reports Q2 results
07/28 After Hours Gainers / Losers
Financials ( BRL)
Sales 2017 40 136 M
EBIT 2017 2 029 M
Net income 2017 -
Debt 2017 38 203 M
Yield 2017 6,10%
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 1,44x
EV / Sales 2018 2,13x
Capitalization 19 549 M
Chart CENTRAIS ELETRICAS BRASILE
Duration : Period :
Centrais Eletricas Brasile Technical Analysis Chart | ELET6 | BRELETACNPB7 | 4-Traders
Technical analysis trends CENTRAIS ELETRICAS BRASILE
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 26,6  BRL
Spread / Average Target 53%
Managers
NameTitle
Wilson Pinto Ferreira Chief Executive Officer & Director
José Guimarães Monforte Chairman
Armando Casado de Araújo Chief Financial & Investor Relations Officer
Ana Paula Vitali J. Vescovi Director
Carlos Eduardo Rodrigues Pereira Director
Sector and Competitors
1st jan.Capitalization (M$)
CENTRAIS ELETRICAS BRASILEIRAS SA-30.90%6 223
DUKE ENERGY CORP11.29%60 462
IBERDROLA12.45%52 080
DOMINION ENERGY INC2.00%50 565
SOUTHERN CO-2.58%48 275
EXELON CORPORATION5.95%36 474