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.
Scana Steel has gone into administration, resulting in dismissals for all 115 employees at the steel mill in Stavager, Norway. The financial situation for the company had been critical for some time. Scana Steel had 200 employees in 2010, and has since undertaken significant restructuring and job cuts. The company nevertheless had continuing negative results, and failed to find new owners.
The CEO of parent company Scana Industries expresses regret that they were unable to salvage the company, and expects that the bankruptcy will have negative consequences for local businesses in Jørpeland, where the steel mill created demand for various services.
Eurofound (2015), Scana Steel Stavanger, Bankruptcy in Norway, factsheet number 78761, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78761.