Swedish iron ore producer LKAB has announced that, as part of its ongoing program to cut costs, it will reduce its workforce. A total of about 200 employees within the LKAB Group will be affected by cutbacks as a result of the efficiency improvement program.
LKAB stated that, in order to maintain its competitiveness, which has been negatively affected by the declining prices in the global market, the company is now implementing several measures to reduce costs and increase productivity. According to its efficiency improvement program, LKAB will also cut costs by at least SEK 800 million starting at the close of the first quarter of 2017.