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 giant Outokumpu, one of Sheffield's largest stainless steel producers has announced it is to make almost 700 workers redundant. The company is to close its Coil Products Sheffield (CPS) plant in Tinsley with the loss of 570 jobs as it switches production to Finland. A further 100 jobs will be cut at the neighbouring melt shop as the company cuts capacity to cope with an oversupply of steel on global markets. The CPS site is expected to close by the end of the first quarter in 2006. The Engineering Employers' Federation (EEF) said the news was 'a significant blow for the Sheffield area'.
In a statement, Outokumpu said consultation with the Sheffield workforce and the steelworkers' trade union Community would commence immediately. Chief executive Juha Rantanen said: 'Our aim in the next weeks and months is to work with union representatives to develop proposals that will support the transition of all CPS employees through this difficult time. But he said the loss-making CPS site was a high-cost operation which could not compete with more cost-efficient rivals.
Eurofound (2005), Outokumpu, Closure in United Kingdom, factsheet number 62434, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62434.