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.
It has been confirmed that SSI Redcar steelworks is to close. The closure of the site will result in the loss of 2,200 jobs and the decision to close has attracted a great deal of media coverage. The site had been producing steel for 98 years and was a major local employer. The future of the plant has been uncertain since the site had been placed in the hands of the receiver in early October. Given the importance of the site to the local economy various pleas were made to keep the site open and attempts were made to find a buyer so that manufacturing could continue. The receivers had initially kept the coke ovens alight while a buyer was sought, but once it became clear that no viable offers were forthcoming, the decision was taken to shut down the ovens. The parent company SSI attributed the decision to close the plant to the worldwide slump in the steel market, caused by oversupply of the product from China, high energy prices in the UK and the uncompetitive pound. The Government has announced a support package of GBP 80 million to support those affected by job losses and to mitigate the effect of the closure on the local economy.
Eurofound (2015), SSI Redcar, Closure in United Kingdom, factsheet number 85165, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85165.