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 24.3 - Manufacture of other products of first processing of steel
200 jobs Number of planned job losses
Announcement Date
10 February 2012
Employment effect (start)
10 February 2012
Foreseen end date
Description
Svenskt Stål aktiebolag (SSAB), a Nordic manufacturer of commercial steel, announced 200 job losses. The jobs will be reduced amongst white collar workers and affect the Swedish towns Oxelösund, Borlänge and Luleå. Most of the job cuts will be implemented through natural wastage and early retirements.
The redundancies are said to be due to unexpected profit losses for the fourth consecutive quarter. Demand in Europe remains weak with low price levels and SSAB has therefore launched an efficiency programme including employee cutbacks.
Sources
10 February 2012: Norbottens Kuriren
10 February 2012: Svenska Dagbladet
10 February 2012: sverigesradio.se
Citation
Eurofound (2012), Svenskt Stål aktiebolag SSAB, Internal restructuring in Sweden, factsheet number 73068, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73068.
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