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 24.52 - Casting of steel
2,000 jobs Number of planned job losses
Announcement Date
2 January 2013
Employment effect (start)
2 January 2013
Foreseen end date
2 January 2017
Description
Finnish stainless steel company Outokumpu recently acquired stainless steel company Inoxum from competitor ThyssenKrupp. Now it has announced plans to cut 2,000 jobs within the next four years, 500 more than previously announced.
Outokumpu aspires to become the new market leader in the sector with around 15,000 employees and is currently seeking to reduce overcapacity and cut costs.
Jobs will be cut in an attempt not to breach European competition law: The new group has agreed to sell a production plant in Terni, Italy, as well as parts of the current Inoxum sales network. Moreover, the company had previously announced its plans to cut 850 jobs in Germany by 2016. However, ThyssenKrupp has agreed to reemploy 600 workers affected by this job reduction.
According to a company senior official, additional redundancies might be made, in line with developments in the company’s economic situation but are not planned at this stage. For previous restructuring at Outokumpu, please see here.
Sources
2 January 2013: Handelsblatt
2 January 2013: WirtschaftsWoche
2 January 2013: Boersennews
Citation
Eurofound (2013), Inoxum, Merger/Acquisition in European Union, factsheet number 74720, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74720.
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