Finland's Outokumpu to cut 100 jobs in general stainless unit
HELSINKI, Sept 10 |
HELSINKI, Sept 10 (Reuters) - Finnish stainless steel maker Outokumpu said it would cut around 100 jobs in its general stainless unit to save costs.
Outokumpu said it will likely book non-recurring costs of around 5 million euros ($6.4 million) in the third quarter related to the job cuts. It said it expects cost savings of around 10 million euros as a result of the move.
In July, the company reported an underlying operating loss of 39 million euros for the April-June quarter and forecast weak conditions to continue in the current quarter, blaming weaker European demand and lower nickel prices. ($1 = 0.7812 euros) (Reporting by Helsinki Newsroom)
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