for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Stainless steel producer Outokumpu announces 650 layoffs

Dec 22 (Reuters) - Finnish stainless steel producer Outokumpu on Tuesday announced 650 job cuts in Finland, Germany and Sweden as part of a targeted 1,000 layoffs as it seeks to cut annual costs by between 75 million euros ($91.8 million) and 80 million euros.

“Due to the challenging market situation with continuing high import pressure in Europe and the COVID-19 pandemic impacting the global economy, it is crucial to ensure the company’s cost competitiveness by reducing fixed costs, of which personnel expenses are significant part,” Outokumpu said. ($1 = 0.8171 euros) (Reporting by Tarmo Virki in Tallinn Editing by David Goodman )

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up