Outokumpu Concludes Change Negotiations, Temporarily Restricts Ferrochrome Production

Outokumpu Concludes Change Negotiations, Temporarily Restricts Ferrochrome Production

(IN BRIEF) Outokumpu has successfully concluded its change negotiations, which involved the temporary restriction of ferrochrome production at its facilities in Tornio, Finland. This decision entails the closure of one ferrochrome furnace and one sintering plant until autumn 2024. Initially projected to impact a maximum of 20 employees, the negotiated outcome will indeed affect 20 individuals, with some transitioning to new roles within the company and others facing temporary layoffs. These measures are deemed necessary due to market conditions and will remain in effect until August 2024. Ferrochrome, a crucial component in stainless steel production, plays a pivotal role in Outokumpu’s operations.

(PRESS RELEASE) HELSINKI, 18-Jan-2024 — /EuropaWire/ — Outokumpu has completed its change negotiations related to the company’s plans to temporarily restrict the ferrochrome production by closing one of its three ferrochrome furnaces and one of the two sintering* plants in Tornio, Finland until autumn 2024.

At the start of the negotiations, Outokumpu announced that the planned measures would apply to a maximum of 20 people. The outcome of the negotiations will affect 20 people, some of whom will transfer to new positions within the company, and some will be temporarily laid off. The agreed measures will last until August 2024.

“The temporary closure of one ferrochrome furnace and one sintering plant is a difficult but necessary measure in this market situation. The change negotiations were conducted in good cooperation – thank you to all parties involved in the process,” says Martti Sassi, President, business area Ferrochrome.

Ferrochrome is an alloy between chromium and iron and is an essential raw material in the production of stainless steel.

Media Contacts:

Investors:
Linda Häkkilä
Head of Investor Relations
tel. +358 400 719 669

Media:
Päivi Allenius
VP – Communications & Brand
tel. +358 40 753 7374

Outokumpu media desk
+358 40 351 9840

SOURCE: Outokumpu Oyj