EMCC European Monitoring Centre on Change

FNsteel

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Company/Organisation:
FNsteel

Geographic Location

Country: Finland
Region: Manner-Suomi
Location of affected unit(s): Hanko, Kimitoön

Company

Sector: Manufacturing
Manufacture of basic metals and fabricated metal products, except machinery and equipment
24.1 - Manufacture of basic iron and steel and of ferro-alloys
Number Employed: 450
Group: FNsteel

Employment Effects

Announcement Date: 26-06-2012
Planned Job Reductions min: 450
Planned Job Reductions max: 450
Type of Restructuring: Bankruptcy

Additional Information

Steel manufacturer FNsteel has announced that it intends to close two plants in Finland with a total of 450 employees. The company has filed for bankruptcy, yet the timeline for the restructuring is still unknown.

FNsteel is reported to have decided to close the two plants because the steel market has worsened and the prices of raw materials increased. Its two plants in Hanko and Kimitoön employ 270 and 180 workers, respectively. Closures may also impact up to 200 indirect jobs at subcontractors.

The plant closures are expected to be hard on both communities as they are relatively small. In Kimitoön, the parent company FNsteel is operating another plant producing wire products.

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