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 24.1 - Manufacture Of Basic Iron And Steel And Of Ferro-Alloys
70 jobs Number of planned job losses
Announcement Date
8 October 2024
Employment effect (start)
28 November 2024
Foreseen end date
31 May 2025
Description
Steel manufacturer Ovako has initiated cooperation negotiations in Imatra with a plan to cut 70 jobs. The factory in Imatra currently employs 550 persons. All personnel groups are within the scope of the collective consultation process.
The chief union representative at the Imatra factory states that the company has had difficulties competing in the global steel market, but states that it might be wiser to hold on to skilled staff and weather the storm.
The negotiations are expected to be finished by the end of November, 2024. The company aims to have implemented the measures the end of May 2025.
Ovako is originally a Finnish company, but now has its headquarters in Stockholm, Sweden.
Eurofound (2024), Ovako, Internal restructuring in Finland, factsheet number 201722, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201722.
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