Outokumpu Oyj - Statutory negotiations in General Stainless concluded
10 September 2012 at 11.00 am EET
Statutory negotiations concerning white-collar employees in General Stainless started in June 2012 have now concluded. Negotiations were started after Outokumpu announced plans to improve the efficiency of its operations to reach sustainable profitability.
Some 100 job reductions take place by pension arrangements, terminations of fixed-term contracts and lay-offs, the majority of which in Finland. Originally, the planned job reductions were 150–200. The actions related to job reductions are expected to take place by mid-October. Efficiency improvements amount to EUR 10 million of cost savings, of which EUR 5 million come from job reductions and EUR 5 million from other cost savings, determined together with personnel representatives. Non-recurring costs of some EUR 5 million related to the job reductions are estimated to be booked in the third-quarter 2012 accounts.
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group’s head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.