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.
Finnish stainless steel manufacturer Outokumpu has announced plans to reduce its workforce in Finland by up to 300 employees. The company has initiated negotiations with employee representatives on the proposed cuts.
Outokumpu cites overcapacity in stainless steel production and poor profitability as reasons for its restructuring. In addition to the 300 jobs in Finland, the company plans to cut up to 1000 in other countries (600 in Sweden alone).
The two Finnish locations that may be affected most are the northern cities of Tornio and Kemi, where a total of 200 jobs may be lost.
Update 12.12.2011: In the frame of the previously announced cuts, Outokumpu is to cut 187 jobs in Tornio (Finland). About half of the job cuts will affect temporary employees and another 40% concern employees who will retire or move to other jobs within the company; 20 other employees will be made redundant. There is no information on the timeline of the job cuts.
The employees' representative have opposed the company's decision and claim that the company has not done enough to avoid the redundancies.
Eurofound (2011), Outokumpu, Internal restructuring in Finland, factsheet number 72616, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72616.