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 24.3 - Manufacture of other products of first processing of steel
300 - 350 jobs Number of planned job losses
Announcement Date
5 December 2011
Employment effect (start)
Foreseen end date
31 March 2012
Description
On 6 December 2011 steel maker ISD Dunaferr has notified the company's trade union about the dismissal of 15% of its white-collar employees, which accounts for 300-350 employees.
As reasons for the dismissals are given the rationalization of production and an internal restructuring plan based on the decision taken by the management. The plan is to increase the firm's efficiency and stability.
During the dismissal process the company intends to follow the Labour Codes regulation and to provide possibilities for early retirements and voluntary severance. The concrete timeline for the restructuring is yet to be announced.
Sources
5 December 2011: Híradó
6 December 2011: HR Portal
Citation
Eurofound (2011), ISD Dunaferr, Internal restructuring in Hungary, factsheet number 72815, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72815.
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