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 24.51 - Casting of iron
900 jobs Number of planned job losses
Announcement Date
22 January 2014
Employment effect (start)
Foreseen end date
Description
Swedish steel producer SSAB and Finnish steel producer Rautaruukkis have announced a merger of the companies which means that five percent of their 17,000 combined workforce, 900 persons, will be made redundant. The exact timeline of the restructuring is not yet announced but SSAB announced that it will happen over three years. It is not decided how and at what sites the restructuring will take place.
Update (November 2014): Following the merger of SSAB and Rautaruukkis earlier in 2014, Ruukki Romania, the Romanian subsidiary of Finnish steel producer Rautaruukkis, has announced in October 2014 plans to close its plant in Bolintin-Deal, Romania, and cut 110 jobs as a result of its internal restructuring processes before the end of 2014. On top of the foreseen job losses, a further 50 will be relocated to the company’s Tunari plant.
Sources
21 January 2014: SVD.se
22 January 2014: Reuters.com
6 October 2014: Romania-Insider.com
Citation
Eurofound (2014), SSAB, Merger/Acquisition in European Union, factsheet number 76503, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76503.
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