250 workers of Aosta, Italy-based steelmaker Cogne Acciai Speciali will be laid off due to the contraction of sales of wire rod, a material which is destined primarily for the automotive industry. This was announced recently by senior management of the company during a meeting with trade unions.
The drop in orders - as reported by the company -has been caused by strong competition from the Asian markets. The layoffs will concern four divisions, i.e., steel mill, rolling line, pickling and packaging