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.
Finnish steel company Outokumpu is closing its site in Swedish Långshyttan, making all of the plant's 170 workers redundant.
According to the company, this is due to increased competition in the international steel market. Management had previously also considered a German site for closure which would have kept the location at Långshyttan running. Reportedly, closing the German site was avoided due to legal reasons and high costs of contract terminations.
The Union of Metalworkers (IF Metall) expressd their surprise over the closure as previous evaluations stated that the Långshyttan site was highly competitive. The union demands a full disclosure of Outokumpu documents.
The company employs a total of 1,640 staff in Sweden so far.
The ERM previously covered restructurings at Outokumpu in Sweden in 2012, 2011 (2011a, 2011b) and 2008.
Eurofound (2014), Outokumpu, Closure in Sweden, factsheet number 76612, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76612.