Outokumpu also intends to outsource its production support operations from its Tornio plant. The outsourcing affects about 100 people.
According to the company, competitiveness has to improve significantly, because the profitability is not anywhere near the real earnings potential. As a result, Outokumpu will review its financial targets.
“We need rapid action to improve our cost structure and our competitiveness immediately,” said Outokumpu CEO Roeland Baan in a statement.
Outokumpu has suffered serious financial difficulties in the past few years. The company is already running an efficiency and cost reduction program.