Structural changes in AvestaPolarit Tube&Fittings business

Structural changes in AvestaPolarit Tube&Fittings business

Finnish stainless steel producer AvestaPolarit is planning to carry out certain structural changes at it Tubes and Fittings businessess. The aim is to improve competitiveness and to attain more efficient production. Negotiations according to the Finnish Law on co-determination at work will start immediately and will affect JARO units in Jakobstad and Vetil in Finland. These units currently employ a total of around 300 people, of whom approximately 50 will be affected. AvestaPolarit board filed its application in November for the de-listing the company's share from both Helsinki and Stockholm exchanges. The last day of trading with the shares of AvestaPolarit is December 30, 2002.