Outokumpu Stainless to shut down its tubular operations

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.