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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.52 - Casting of steel
1,300 jobs Number of planned job losses
Announcement Date
20 October 2011
Employment effect (start)
1 January 2012
Foreseen end date
31 December 2012
Description
Finnish producer of stainless steel Outokumpu will cut up to 1300 jobs globally until the end of 2012. The jobs will be foremost lost in Finland (up to 300 jobs) and Sweden (up to 600 jobs at plants in Torshälla, Avesta and Långhyttan amongst others). Other jobs will be cut throughout Europe by reducing the number of local stocking operations. The redundancies are part of an internal restructuring plan which aims to reduce costs by EUR 100 million by the end of 2012.
Outokumpu has plants in Finland (Tornio, Kemi), Sweden (Avesta, Nyby, Kloster and Degerfors), the UK (Sheffield) and the US (New Castle). The company maintains additional stocking operations in more than 20 countries.
Outokumpu employs close to 8 000 people. The company is operating in a tough business environment, facing worldwide overcapacity of production and increasing European imports of stainless steel. This is reported to push Outokumpu towards a number of cost cutting decisions, notably reducing the number of production shifts at its Swedish plants in Avesta, Nyby, and Kloster. Outokumpu also restructures its organisation and will rely more on outsourcing support functions.
Eurofound (2011), Outokumpu, Internal restructuring in World, factsheet number 72671, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72671.
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