Job cuts at Finnish steelmaker Rautaruukki
The integrated flat steel producer Rautaruukki, located in
Finland, is considering to reduce its workforce as a result of having had a very bad year in 2002. The company suffered serious losses from the first quarter through to third quarter last year and therefore decided to reduce fixed costs by €50 million by the end of 2003.
Company officials are looking to cut jobs of about 400. These are expected to be 200 blue collar and 200 white collar employees. According to reports, the redundancy notices with this regard, are expected to be given to the related employees next week.