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.
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.
Eurofound (2023), Klöckner & Co, Internal restructuring in European Union, factsheet number 200548, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200548.