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.
The Finnish steel producer Rautaruukki is to cut 460 jobs at the company's Finnish sites. The personnel negotiations resulted in a decision to reduce the workforce at the Raahe Steel Works by some 140 persons. Efforts will be made to carry out all of these reductions through various pension arrangements. At the Hämeenlinna Works, the workforce will be reduced by some 80, with around 50 of these reductions being implemented through pension arrangements. A total of some 240 reductions will be made at other sites, mainly in steel service center in Tampere, with around 60 being carried out through pension arrangements. The reductions will take place mainly during the first half of 2009. Where possible, efforts will be made through relocation and retraining to help persons facing redundancy find work at the company's other sites.
Due to market conditions, the company will temporarily lay off approximately 400 people at Raahe and around 170 at Hämeenlinna at any one time. Temporary layoffs will affect a total of some 3,200 people at different sites. The time and length of layoffs will vary according to site.
At the start of the negotiations on 1st of December 2008, it was estimated that a maximum of 520 reductions were needed in Finland. These measures include adjustments of steel production and other operations in line with weakened demand and elevated inventory levels.
In connection with adjustment and efficiency measures, the company started personnel negotiations about possible lay-offs, redundancies, and part-time working in different market areas. According to Rautaruukki, actions to improve efficiency aim at permanent cost savings of around EUR 60 million at an annual level.
To adjust steel production, one of the two blast furnaces at the Raahe Works in Finland will be shut down temporarily. Output at Ruukki Production's other units in Finland will also be scaled back accordingly. The divisions and business support functions will continue to implement actions under the Boost programme launched in October this year. According to the programme, Ruukki Metals is planning to close the steel service centre in Tampere, Finland by the end of June 2009 and to focus parts processing on Raahe and Seinäjoki.
Rautaruukki was set up by the Finnish government in 1960. The state gave up its majority holding in 1997, and today the state owns just under 40% of the shares of Rautaruukki Corporation.
Rautaruukki has operations in 29 units and employs some 7,300 employers in Finland.
Eurofound (2008), Rautaruukki, Internal restructuring in Finland, factsheet number 67663, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67663.
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