Tibnor, Subsidiary of SSAB, Plans Cost-saving Measures Including Staff Reduction to Improve Profitability

Tibnor, Subsidiary of SSAB, Plans Cost-saving Measures Including Staff Reduction to Improve Profitability

(IN BRIEF) Tibnor, a subsidiary of SSAB, has announced plans to adjust its operations in response to lower demand and profitability. The measures, intended to achieve annual cost savings of around SEK 150 million, will encompass all Tibnor business areas and countries except the Baltic countries. The adjustments aim to enhance operating efficiency, streamline the organization, and implement a long-term growth strategy. Approximately 175 positions may be reduced as part of the changes. The move comes in response to slowed demand in various countries and aims to ensure continued growth and competitiveness.

(PRESS RELEASE) STOCKHOLM, 16-Aug-2023 — /EuropaWire/ — SSAB’s subsidiary Tibnor plans to adjust operations due to lower demand and profitability. The measures aim at annual costs savings of approximately SEK 150 million and cover all Tibnor business areas and countries with the exception of the Baltic countries. The plan is to implement the measures in the fall of 2023, and this may result in the staff reduction of approximately 175 positions.

Tibnor aims to improve the operating efficiency by adjusting the company’s cost structure and streamlining the organization. At the same time, the aim is to ensure the conditions to implement the company’s long-term growth strategy.

The measures aim to achieve annual cost savings of approximately SEK 150 million and may lead to a staff reduction of approximately 175 positions. The effects on staffing will be specified when the plans for each country are implemented, which is expected to happen in the fall of 2023.

“Demand has slowed down in most countries and in order to ensure our profitability and competitiveness in this situation we need to adapt our cost structure. By this, we can continue our successful growth and expansion journey,” says Fredrik Haglund, President, Tibnor.

Tibnor employs around 1,200 people in the Nordics and Baltics.

Media Contact:

Fredrik Haglund
President
Tibnor
tel. +46 70 388 15 52

SOURCE: SSAB