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.
Outokumpu, a Finnish owned steel company has announced that it is to cut 110 jobs in Sheffield only four months after cutting 50 posts. The company's sales dropped 60% and it reported first quarter losses of 252 million Euro. It has linked the job cuts to the worldwide recession which has caused a reduction in orders. It plans to reduce annual stainless steel production by 150,000 tonnes. No details were gven on numbers currently employed on site or the date by which job losses are expected to be completed.
Eurofound (2009), Outokumpu, Internal restructuring in United Kingdom, factsheet number 68778, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68778.