Today, Outokumpu has announced plans concerning the new Outokumpu Leadership Team to take effect upon the closing of the business combination of Outokumpu and Inoxum following regulatory approval.
Read more: Outokumpu unveils new vision
The measures announced today are expected to result in the reduction of 150–200 jobs in General Stainless and certain functions in Tornio as well as the Group’s Terneuzen unit in The Netherlands.
Read more: Ford to cut 1,200 jobs and shut production
CEO Mika Seitovirta: “Plans affecting the personnel are always difficult, but we need to continue our decisive actions to increase efficiency and reduce costs until we reach sustainable profitability.”
The statutory negotiations with employee representatives are estimated to start in June, and the planned job reductions are expected to take place by the end of September.
Outokumpu has also announced Q1 2012 results. Click here to read the results.