Finnish steel firm Outokumpu has launched a savings programme aimed at cutting its total workforce by a tenth, with a thousand job losses due worldwide.
Some 270 of those job cuts are expected in Finland after co-determination talks with unions have concluded.
Outokumpu says it is taking action because of the difficult market situation and a fall in exports to Europe. The firm said in a press release that it was reducing fixed costs in order to preserve its competitiveness.
The total savings will amount to some 70 million euros per year across operations in Europe and the Americas.