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.