Outokumpu plans to improve efficiency, will cut up to 350 jobs

Finland-based stainless steel producer Outokumpu has announced that it plans to improve profitability, achieve greater efficiency and remove overlapping activities in sales, supply chain and supporting functions in Europe.
 
The planned measures are also expected to result in a reduction of up to 350 jobs, of which up to 90 in Finland and up to 80 in Sweden. In addition several parallel activities to improve profitability are currently on-going in different countries. The annual cost-savings from all announced measures are estimated to amount to approximately €25 million in 2012.
 
"Outokumpu has been loss-making the past three years and we must improve our financial performance. Outokumpu needs to become more efficient in its ways of working and serve customers better every day. Unfortunately, the planned actions are expected to have impact on our personnel as well," Outokumpu CEO Mika Seitovirta said.
 
Outokumpu operates in 34 countries and employs 8,100 people.