Outokumpu Oyj (OUTKY) on Wednesday announced that it is moving forward with its restructuring plan aimed at saving EUR 100 million by the end of 2027. This will involve finishing up negotiations with staff in Finland, Sweden, and Germany.
The focus is mainly on the European business area and global group functions. To achieve these savings, the company plans to cut costs, which will include reducing the workforce, while also working on making operations more efficient and optimizing production.
These measures are a response to the lackluster demand for stainless steel and the fierce competition from low-priced imports in Europe, which have led to lower profits that aren't sustainable.
The restructuring is expected to affect around 650 full-time jobs by the end of 2027, with about 450 of those positions still under negotiation.
Negotiations in Finland, Sweden, and Germany are now wrapped up, leading to job cuts of 139, 109, and 120 respectively. Efforts in other countries are still ongoing and are likely to affect around 80 more positions.
OUTKY is currently trading at $2.37 on the OTC Markets.
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