Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Outokumpu, the Finnish stainless steel producer, has announced that it will cut around 650 jobs in Europe by the end of 2027.
So far, the company has revealed that the cuts will affect employees in Finland, Sweden and Germany. In Sweden, the Degerfors steelworks, employing about 400 people will be affected, although the scale is not yet clear, while in Finland, concerns are rising over potential layoffs at the Tornio plants and Elijärvi mine employing around 2,000 workers. Of the 650 positions, 94 have already been agreed through earlier negotiations in Germany and around 120 are expected to disappear through natural attrition, leaving up to 450 jobs now subject to negotiations with employee representatives in accordance with local legislation.
The decision follows the company’s earlier plans to achieve €100 million in annual savings through cost reductions, efficiency improvements, and optimization of production space. The company cites unsustainable profitability, declining demand for stainless steel in Europe, and competition from low-cost Asian imports as key reasons behind the cuts.
Founded in 1910, Outokumpu is one of the world’s largest stainless steel producers, headquartered in Helsinki. The company has its production sites in Finland, Sweden, Germany, the United Kingdom, Mexico, and the United States. Outokumpu employs about 8,700 people worldwide.
Eurofound (2025), Outokumpu, Internal restructuring in European Union, factsheet number 203427, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/203427.
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