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 steel company Outokumpu has initiated employer-employee negotiations aiming to cut up to 140 jobs in Finland following decreased revenue and sales. Of the 140 redundancies, 90 jobs will be cut in Tornio in northern Finland. The internal restructuring is expected to lead to 600 redundancies world wide, including 90 redundancies in Sweden. In addition Outokumpu plans to outsource manufacturing support operations from Tornio which would lead to an additional 100 redundancies in Tornio, Finland.
The local union representative in Tornio is surprised by the size of the anticipated redundancies and has expressed concern.
The ERM has previously reported on a number of cases concerning redundancies at Outokumpu, for example in Finland in 2012 and 2011in Sweden in 2014and 2012and in Germany in 2013.
Outokumpu has around 11,000 employees world wide and the company is planning to reduce the total number of employees to 9,300 over the next couple of years.
Update 27/5/2016:Following recently concluded employer-employee negotiations, Outokumpu will cut 103 jobs in Finland. Of the 103 redundancies 74 jobs will be cut at the steel mill in Tornio and 29 jobs at the office in Espoo. Reductions will mainly affect support functions. Further negotiations regarding the possible outsourcing of 100 jobs are still ongoing.
Eurofound (2016), Outokumpu, Internal restructuring in Finland, factsheet number 87141, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87141.