Finland Times

Tuesday, 29 November, 2022
Home BUSINESSOutokumpu to cut up to 140 jobs in Finland
Wed, 06 Apr, 2016 12:01:35 AM
FTimes – STT Report, Apr 6
Outokumpu logo of the company's head office in Espoo, Finland. File Photo – Lehtikuva.
Stainless steel manufacturer Outokumpu is starting codetermination negotiations. The company has set a maximum redundancy need of 140 employees in the country. Globally, the layoffs may affect up to 600 employees.
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.
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