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Steelmaker SSAB to cut 1,300 jobs

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Steelmaker SSAB to cut 1,300 jobs
09:24 CET+01:00
Swedish steelmaker SSAB announced plans on Monday to reduce staff by 1,300 employees as part of a billion kronor ($122 million) savings programme.

The cuts will affect all divisions and subsidiaries.

"I regret that we must announce this reduction in personnel. But demand for steel has fallen sharply in the autumn and we must adapt our costs to the new conditions," said SSAB CEO Olof Faxander in a statement.

The company said the programme would be implemented in 2009, with the full impact expected to be felt in 2010.

The cutbacks are to affect around 450 people in the Strip Products Division and approximately 350 in the Plate Division.

In addition, 120 workers are to be laid off from the Plannja subsidiary in Luleå, while wholesaler Tibnor in Malmö is to be closed down, leading to the loss of 50 jobs.

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