Finland-based stainless steel producer Outokumpu has announced that it has concluded the strategic review of its long products business area that was initiated in February this year and accelerated in July by the new management. The company has accordingly decided to initiate a turnaround program to develop the long product business internally.
According to the company’s statement, the turnaround program will be started immediately with employee measures that might lead to a reduction of approximately 100 positions. The company’s manufacturing excellence methodology will be implemented at the long product sites to increase operational efficiency. The program also includes commercial measures such as expanding the current product mix and focusing on higher-value specialty grades.
In 2019, the long products business area’s net sales amounted to €642 million, while in the first half of the current year its net sales amounted to €289 million.