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.
On 26 January Anglo-Dutch steel manufacturer Corus - part of the India-based Tata-group - announced that it will cut 3,500 jobs. The majority of the job cuts (2,500) will occur in the UK, another 800 in IJmuiden (Netherlands) and the remaining 200 elsewhere in Europe. The job losses are attributed to the shart fall in demand for steel worldwide. Corus tries to avoid forced dismissals. The Dutch central works council and the unions have stated they will not accept forced dismissals. Moreover, they believe that cutting jobs now is unwise, because in the near future when the economy recovers every employee will be needed.
In the Netherlands, 6,400 Corus employees work shorter hours. This reduction in working time is financed with public money. The employees receive training. Corus has contacted the British govermnet requesting a similar program in the UK.
Eurofound (2009), Corus, Internal restructuring in European Union, factsheet number 68067, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68067.