Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Retail
Wholesale Trade, Except Of Motor Vehicles And Motorcycles
Other Specialised Wholesale
46.72 - Wholesale of metals and metal ores

700 jobs
Number of planned job losses
Job loss
Announcement Date
3 March 2009
Employment effect (start)
3 March 2009
Foreseen end date

Description

On 3 March 2009, the steel supplier Klöckner & Co announced to cut 700 jobs in Germany. The new job cuts are the second wave of dismissals. In autumn 2008, the company had already cut another 800 jobs. Background to the ongoing reduction scheme is a severe drop in demand for steel products. The management tries to reduce costs by 100 million euro. Klöckner & Co employ around 10,000 employees worldwide.


Sources

  • 4 March 2009: Handelsblatt

Citation

Eurofound (2009), Klöckner & Co, Internal restructuring in Germany, factsheet number 68467, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68467.