Brazil's OSX Fires 300 in Restructuring

OSX Brasil SA, the shipyard and ship leasing company controlled by Brazilian billionaire Eike Batista, fired 300 employees as part of an effort to cut costs, O Estado de S. Paulo said on Thursday. According to Estado, which did not cite anyone as the source for the information, the company decided to slow down construction of a shipyard until receiving new orders.

The move is the latest in a plan by Batista's energy, logistics and mining empire to retrench following missed targets, project delays and a consequent selloff by shareholders. Batista became Brazil's richest man in recent years after raising billions of dollars amid booming demand for Brazil commodity-related investments, but lost his standing after the selloff helped slash over $20 billion from his fortune in the past year.

Calls seeking comment from a spokeswoman for the company in Rio de Janeiro were not immediately answered.