Klöckner & Co

Type
Internal restructuring
Country
European Union
Region
Location of affected unit(s)
Germany and others
Sector
Manufacturing
Manufacture Of Basic Metal And Fabricated Metal Products
Manufacture Of Basic Metals
24 - Manufacture Of Basic Metals
300 jobs
Number of planned job losses
Job loss
Announcement Date
31 October 2023
Employment effect (start)
31 October 2023
Foreseen end date

Description

Klöckner & Co, the German-based steel trader, has announced plans to cut around 300 employees in Europe, which correspond to about 10% of the total workforce in the involved division. The restructuring will affect employees across several regions, including 80 workers in Germany. No information is available about the other affected countries.

Due to current macroeconomic challenges in Europe, the company had to revise downwards its profit forecast for the year, and started a restructuring program to save costs. The job cuts will be implemented starting from the fourth quarter of 2023.

Sources

Citation

Eurofound (2023), Klöckner & Co, Internal restructuring in European Union, factsheet number 200548, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200548.