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Outokumpu Concludes Strategic Review of Long Products - Lays of 100

Steel News - Published on Wed, 30 Sep 2020

Image Source: Outokumpu Long Products Lay Offs
Outokumpu has concluded the strategic review of business area Long Products that was initiated in February 2020 and accelerated in July by the new management. As a result of the review, Outokumpu will initiate a turnaround program to develop the Long Product business internally. The turnaround program will be started immediately with personnel measures that might lead to a reduction of approximately 100 positions. Other turnaround actions include the implementation of Outokumpu’s manufacturing excellence methodology at the Long Products’ sites to increase operational efficiency. The actions also include commercial measures such as expanding the current product mix and focus on higher value specialty grades. The progress of the turnaround program will be closely monitored by a designated steering group to ensure successful implementation.

In 2019, business area Long Products’ net sales amounted to EUR 642 million and adjusted EBITDA was EUR -7 million. In the first half of 2020, the business area’s net sales amounted to EUR 289 million and adjusted EBITDA was EUR -5 million.

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Posted By : Yogender Pancholi on Wed, 30 Sep 2020
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