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.
Hellenic Halyvourgia, one of the largest steel producers in Greece, plans to cut 180 jobs at its site at Aspropyrgos.
Hellenic Halyvourgia, according to the press and the general assembly of workers in the Greek Steel Inc., has already proceeded with about 50 layoffs in early November and has recently announced plans to cut wages and dismiss another 180 employees out of a total workforce of 400. According to media reports the measures are due to the company's considerable loan obligations.
Workers of Hellenic Halyvourgia have been on strike for 45 days opposing the job cuts and wage reduction. They accuse the company's management of forcing people to work rotating shifts, abolish contracts and reduce salaries by 450 to 500 Euros per worker.
Helliniki Halyvourgia, the first steel producer in Greece, established in 1938, is one of the largest industrial companies in the country (running two out of the five vertically integrated steel production plants). It owns industrial steel production units in Aspropyrgos, Velestino and Volos. The Aspropyrgos premises occupy 290.000 sqm. The industrial complex is comprised by a meltshop, a rolling-mill for long products, a wire mesh plant, as well as covered warehouses. Following successive upgrades of the production equipment, the unit's annual production capacity in finished products exceeds 400.000 tons.
Eurofound (2011), Hellenic Halyvourgia, Internal restructuring in Greece, factsheet number 72880, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72880.
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