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.
According to the national restructuring strategy of the iron and steel industry over the period 2004-2010, Mittal Steel Galaţi (Sud-Est region) is set to decrease its employment to 15,000 people in 2010, starting from 18,500 in 2004. For the entire steel industry, the new strategy is to shrink the number of jobs by 1,787 in 2005 and by 8,536 by 2010.
On 1 August 2005, the management of Mittal Steel Galaţi (Sud-Est region) gave more details on the voluntary redundancy programme. Employees leaving the company of their own free will are to receive three categories of redundancy pay: a) the first category includes amounts in the range of 3,400-4,600 euro for each redundant employee, depending on length of service in the company and wage level; b) employees with over five years length of service with the company will be granted additional amounts ranging between six and twelve monthly wages; c) a monthly allowance of about €66 are to be granted to all employees made redundant since leaving the company voluntarily means they are not entitled to unemployment benefit.
Redundancy pay will be covered entirely by Mittal Steel Galaţi. The company has announced it will reserve the right to decline certain applications, depending on company interests.
This is the fourth stage of redundancies since the privatisation of the steel works in Galaţi, as well as the most generous in terms of compensation.
Although the management intended to cut 1,800 jobs in the course of the programme, only about 1,000 redundancy requests were made and the application period was extended.
Mittal Steel Galaţi is the largest iron and steel plant in Romania and one of the major companies in the country.
Eurofound (2005), Mittal Steel Galaţi, Internal restructuring in Romania, factsheet number 61865, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61865.
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