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 OYJ
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.
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