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
450 jobs Number of planned job losses
Announcement Date
26 June 2012
Employment effect (start)
Foreseen end date
Description
Steel manufacturer FNsteel has announced that it intends to close two plants in Finland with a total of 450 employees. The company has filed for bankruptcy, yet the timeline for the restructuring is still unknown.
FNsteel is reported to have decided to close the two plants because the steel market has worsened and the prices of raw materials increased. Its two plants in Hanko and Kimitoön employ 270 and 180 workers, respectively. Closures may also impact up to 200 indirect jobs at subcontractors.
The plant closures are expected to be hard on both communities as they are relatively small. In Kimitoön, the parent company FNsteel is operating another plant producing wire products.
Sources
26 June 2012: Helsingin Sanomat
26 June 2012: YLE News
Citation
Eurofound (2012), FNsteel, Bankruptcy in Finland, factsheet number 73790, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73790.
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