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.
Facing pressure from the unexpected surge in steel production in China, the dismantling of stocks of warehoused steel, and the collapse in steel prices, the Finnish steel manufacturer Outokumpu has decided to reduce up to 700 jobs at its installations in different countries. About 300 jobs are to go in Finland, and more than 200 of these will be at the Tornio plant, which has been promoted as the most efficient in the world. Another 300 jobs are on the line in Sweden. The largest production unit, the Avesta factory, plans to cut about 100 people. According to Outokumpu CEO Juha Rantanen, the launch of discussions with personnel on cutting jobs is part of the company's plans, announced in late September 2005, to reduce costs by 10%. The cuts affect all business units for stainless steel, corporate management, and the company's services. The aim is to reduce fixed costs by €100 million in by 2007. Outokumpu has 3,100 employees in its stainless steel operations in Finland, with 2,500 working at the Tornio steel factory and the ferrochrome mine in Kemi. The cost-cutting programme also affects the group's head offices in Espoo, as well as smaller units in Pietarsaari and Sorsakoski. In Sweden, Outokumpu has about 3,000 employees working in the production of stainless steel. In Britain, Outokumpu has already started discussions with personnel on plans to cut 670 jobs; the company announced that it would shut down the steel rolling mill it has in Sheffield. The mill has 570 employees. The Tornio factory will take over the work of the Sheffield plant. Outokumpu employs 1,500 people in Britain. It also has operations in a number of other countries, including the United States, Italy, and Germany.
Eurofound (2005), Outokumpu, Internal restructuring in European Union, factsheet number 62534, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62534.
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