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.
During the first two months of 2006 the largest steelworks in the Czech Republic, Mittal Steel Ostrava, employing 8,900 people, announced it would dismiss from 600 to 700 employees by the end of 2006.
On 14 July 2006 the number of redundancies was increased up to 1,000 people by the end of September 2006. The restructuring was carried out due to the profit decline caused by the reduction in demand and the capacity restriction of rolling mills by 2007 imposed by the EU. Workers who resigned voluntarily were given generous compensation from 12 to 32 average monthly wages depending on their age and tenure.
On 20 September 2006 the company announced a further massive redundancy plan that involves additional 2,500 job cuts within the next three years. Trade Unions understand the restructuring change and support retraining programmes for dismissed workers.
Eurofound (2006), Mittal Steel Ostrava, Internal restructuring in Czechia, factsheet number 62958, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62958.
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