Sweden-based special steel producer Ovako has announced that it will reduce its workforce by some 200 positions in order to improve efficiency and reduce costs. Notices of redundancy were issued to 134 employees at Hofors, Sweden. Another 70 positions will be eliminated at the group's production sites in Sweden and Finland.
Since the autumn of 2011, Ovako has been implementing a program to streamline its operations. The company stated that further initiatives to reduce other costs will also be implemented. All of Ovako's production sites in Sweden and Finland will be affected by the program.
According to Ovako's statement, annual cost savings from these measures will amount to approximately €10 million. Ovako's investments and engagements in new markets will continue as planned.