 As part of its intention to significantly reduce its operating expenses and return the company to profitability, Outokumpu has today announced plans that are expected to result in job reductions.
All in all, Outokumpu expects to reduce up to 2,500 jobs globally between 2013 and 2017. In 2013, company plans to reduce up to 770 jobs globally of which up to 570 in Germany, up to 70 in Sweden and up to 30 in Finland. The planned reductions are related to the capacity reductions in Europe, particularly to the previously announced closure of Krefeld meltshop in Germany, as well as streamlining overlapping activities in sales, production, supply chain and support functions.
Says Outokumpu CEO Mika Seitovirta: “These planned job reductions are a difficult consequence of the necessary measures that we are taking to reach the MEUR200 synergy savings and MEUR150 additional cost savings, and turn the company back to profitability.”
Outokumpu will conduct the plans in a socially responsible manner, in full compliance with local legislation, agreements and practices.
Outokumpu Oyj
Outokumpu is the global leader in stainless steel and high performance alloys. Our advanced materials are the ideal choice for demanding applications ranging from cutlery to bridges, energy plants to medical equipment. Stainless steel contributes to a sustainable and long lasting world as it is a 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic material. Outokumpu employs approximately over 16 000 professionals in over 40 countries, with the Group’s head office in Espoo, Finland and shares listed on the NASDAQ OMX Helsinki. www.outokumpu.com
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