Outokumpu axes 368 jobs, 139 in Finland

Finnish steel company Outokumpu decided to cut 368 full-time employees including 139 in Finland as a part of its austerity measures, said the company in a press release on Wednesday.

The company completed the codetermination negotiations in Finland, Sweden and Germany and decided to also terminate 109 employees in Sweden and 120 employees in Germany.

Processes in other countries are also going on and the company estimates that about 80 more employees will be affected.

The company took the austerity measures to save EUR 100 million by the end of 2027 affecting about 650 full-time positions globally including about 450 positions subject to negotiations.

The saving program focuses on the business area Europe and global group functions and structural savings will be made through fixed cost measures, including workforce reduction, alongside efficiency improvements across the organization and optimization of the production footprint, said the company.