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 24.10 - Manufacture of basic iron and steel and of ferro-alloys
430 jobs Number of planned job losses
Announcement Date
5 September 2017
Employment effect (start)
5 September 2017
Foreseen end date
31 December 2017
Description
On 5 September 2017, the German forge Saarschmiede announced a significant internal restructuring programme that will result in the loss of 430 jobs at its site in Völklingen, halving its 850-headed workforce. The forge in Völklingen had a deficit of €63 million last year. Consequently, Saarschmiede plans to implement restructuring measures as soon as possible in order to reduce its losses by the end of 2018. Furthermore, Saarschmiede will continue adapting its policies to developments in the energy market, which was shocked by the catastrophe in Fukushima in 2011.
A social plan has yet to be negotiated but a company’s representative said the transition will be as smooth as possible.
Sources
5 September 2017: Die Welt (online)
5 September 2017: Saarbrücker Zeitung (online)
Citation
Eurofound (2017), Saarschmiede, Internal restructuring in Germany, factsheet number 91873, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91873.
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