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.
On 5 April 2009, ISD Dunaferr announced a new action programme to tackle the effects of the economic crisis which includes the mass redundancy of 300 workers, the dismissal of 100 temporary agency workers and the opportunity of early retirement offered for several hundred other employees. The management claimed that the decision is the direct consequence of trade unions rejecting their proposal for a 4 day work-week. In turn, trade unions argued that they had already given up as many things as they could in the austerity plan, signed in December 2008. Though the company stopped all major investments in the plant, and had begun, together with the trade unions, seeking governmental help, the European prohibition of direct governmental subsidy in the iron and steel industries, and the recent change of the government in Hungary hindered the quick closure of this negotiation leaving no other way for the company than the plan of a 4-day work-week.
Eurofound (2009), ISD Dunaferr, Internal restructuring in Hungary, factsheet number 68973, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68973.