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.
Steelmaking manufacturing company US Steel Košice (USSK) announced a plan to reduce the company and its subsidiaries' workforce by 2,500 employees by the end of 2021. According to the company, the decision to dismiss employees can be mainly attributed to expensive emission quotas and trade war fears. In light of these contextual factors and long-term decreasing prices of steel in the market, the company decided to increase its competitive advantage with a collective dismissal.
Trade unions agreed with management on a voluntary redundancy plan, which allows employees with at least 10 years of seniority to receive a severance pay amounting to 12 times their average monthly salary. As of 26 August 2019, around 700 employees applied for a voluntary redundancy under the agreed plan. As applications are being scrutinised, it is still possible that some applications will be turned down. Discussions between trade unions and management on the use of a shortened work week are underway, but no agreement has been reached yet.
Nevertheless, it is likely that dismissals will start in October.
Eurofound (2019), US Steel Košice, Internal restructuring in Slovakia, factsheet number 98372, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/98372.
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