Rautaruukki Corporation: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Rautaruukki Oyj Completes Employer-Employee Negotiations; Cuts Jobs
Rautaruukki Oyj announced that employer-employee negotiations affecting Ruukki Metals and Ruukki's Marketing and Communications function initiated in September 2012 have been completed. The negotiations have resulted in a workforce reduction of approximately 250 persons, which was also the original estimate. The negotiations affected most of Ruukki Metals' production organization in Finland, or a total of approximately 3,500 persons. Ruukki Metals' negotiations originally concerned the need for a workforce reduction of 230 persons. The negotiations have resulted in a new operating model at the Raahe and Hameenlinna works to ensure efficient, profitable operations also in weaker market conditions or at lower capacity utilization rates. The redundancies are to be carried out through the expiry of fixed-term contracts, pension arrangements and dismissals. The workforce will be reduced by four persons through dismissals. Employer-employee negotiations within the Marketing and Communications function affected approximately70 persons across different Ruukki countries. The negotiations resulted in a workforce reduction of 17 compared to an earlier estimate of 20 persons. The negotiations seek annualized savings of approximately EUR 10 million, which are expected to be achieved in full during the third quarter of 2013.
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