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.
Ascométal, a firm that produces steel products, is to cut 188 jobs at its site in Cheylas. The job cuts will be implemented by 2010, and will also possibly involve the closure of the melt shop and round bar mill at the Cheylas site. 515 are currently employed by Ascométal at Cheylas. The firm have also announced that they are to invest 150 million EUR in their plants at Fos-sur-Mer in the South of France, Hagondange in the Moselle region and Lefrinkoucke near Dunkirk. It is not thought that any jobs will be created as a result of this investment. Ascométal is a part of the Lucchini Group, in which Russian steelmaker Severstal is a majority shareholder. In September 2007, the Chief Executive Officer of Severstal stated that the future of the Ascométal business was secure, but that restructuring of parts of its operations was necessary due to the need to cut costs.
Eurofound (2007), Ascométal, Internal restructuring in France, factsheet number 65884, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65884.