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.
Finnish steel company Outokumpu announced that it will cut about 250 jobs in Finland. Majority of the job cuts will be done in Outokumpu’s production units in Tornio and its mine in Kemi. Both of these cities are located in northern Finland. All employee groups are affected by the job cuts.
The announced job cuts in Finland are part of Outokumpu’s wider plan to cut approximately 1,000 jobs worldwide by the end of 2021. According to the company, restructuring is needed due to the impact of the COVID-19 on the steel sector. The company expects these job cuts to generate cost savings accounting for €70 million.
Shop steward of Outokumpu’s production units in Tornio argues that the company’s decision is disappointing and that the proposals made by the employees were not taken into consideration.
Outokumpu has approximately 10,000 employees worldwide, while at the beginning of 2020 it employed 2,502 people in Finland.
Eurofound (2020), Outokumpu, Internal restructuring in Finland, factsheet number 102967, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102967.