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.
British Steel has announced to cut 400 jobs, mostly at Scunthorpe in the UK, but also in other EU countries as Ireland, France and the Netherlands. The decision is related to the weakness of the British currency that pushed up the cost of raw materials. The aim of the cost reduction it to increase investments. The main job cuts will hit management and support functions.
British steel employs 5,000 people, mainly at its UK production sites in Scunthorpe, Teesside and Skinningrove. It belongs to Greybull Capital that bought it in 2016 tfrom the Indian steelmaker Tata.
Eurofound (2018), British Steel, Internal restructuring in European Union, factsheet number 95488, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95488.