Outokumpu Oyj Concludes Statutory Negotiations with General Stainless
09/10/2012 - Statutory negotiations concerning white-collar employees in General Stainless started in June 2012 have now concluded, Outokumpu announced. Negotiations were started after Outokumpu announced plans to improve the efficiency of its operations to reach sustainable profitability.
Statutory negotiations concerning white-collar employees in General Stainless started in June 2012 have now concluded, Outokumpu announced. 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 layoffs, 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 €10 million of cost savings, of which €5 million come from job reductions and €5 million from other cost savings, determined together with personnel representatives. Non-recurring costs of some €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 its 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.
