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.
Employees of Mittal Steel Hunedoara (Vest region) are to be made redundant, on request, in exchange for substantial redundancy pay. The company produces long products: continuous cast billets, hot rolled profiles, hot rolled bars, structural steel and wire rod. It was acquired by Mittal Steel in March 2004, and in 2005 the current owner decided to change its name from Siderurgica to Mittal Steel Hunedoara.
Trade unions of Mittal Steel Hunedoara contested the legitimacy of the redundancy programme as the provisions of both the collective labour agreement and the privatisation agreement, signed in October 2003, bind the company management to cease lay offs for a 30-month period. In turn, Mittal Steel declares that the redundancy programme does not breach any of its commitments and is part of the long-term general strategy for company viability and competitiveness. It further invokes the need to observe a directive of European bodies in metallurgy stipulating that all steel works in the European Union must reach an annual productivity of at least 500 tons per employee by 2010. Mittal Steel Hunedoara cannot reach this target with the current number of employees since its maximum production quota is of 900 tons per year.
The management of Mittal Steel Hunedoara expects that close to half (1,000) of the total 2,250 employees will willingly apply for redundancy.
Eurofound (2005), Mittal Steel Hunedoara, Internal restructuring in Romania, factsheet number 61867, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61867.
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