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.
German steel maker Salzgitter is to cut 300 to 500 jobs through partial retirement. The company aims at avoiding direct dismissals. This was announced by the CEO Leese in an interview with FTD. Leese said that the steel plants run by 85% and that he expects them to go down to 80% in 2010. He also stated that it will take the steel market until 2012 to reach the 2007 level again.
The job losses come on top of the 1,500 recently implemented employees due to the economic crisis. The job cuts also affected employees on temporary agency work contracts; however, there were no direct dismissals. 16% of all employees are on short time work.
Eurofound (2009), Salzgitter, Internal restructuring in Germany, factsheet number 69695, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69695.
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