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Outokumpu Lays Off 1,300 Worldwide

Fri, 10/21/2011 - 5:14am

HELSINKI (AP) — Finnish metals group Outokumpu Oyj says it will lay off 1,300 workers worldwide to cut costs and improve profitability.

The world's second largest stainless steel maker said Thursday that the layoffs and streamlining operations are aimed at saving $140 million (euro100 million) by 2012. Most of the layoffs will be in Sweden and Finland.

Based in Espoo near the Finnish capital, Outokumpu employs 8,000 people in more than 30 countries, with stainless steel plants in Finland, Sweden, Britain and the United States.

In recent years Outokumpu has increasingly divested other production in a move to reach a declared goal of becoming the world's No. 1 stainless steel maker.

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