Outokumpu Stainless to shut down its tubular operations
Finland-based steel producer Outokumpu
Stainless Tubular Products has recently announced that it determined to close its
tubular operations in
Wales, Britain by the end of first quarter of 2005 at the latest.
The decision is stated to be made due to adverse market conditions for the product range and the losses at Stelco Hardy in
Wales.
The closure will result in 40 layoffs. The company officials stated that they will find other supply units for their customers.
Stelco Hardy, which produces
stainless steel welded tubes mainly used in
automotive industry and decoration, delivers approximately 4'000 tons of both austenitic and ferritic
stainless steel, accounting for 5% of Outokumpu
Stainless Tubular Products' total
production.