HELSINKI (AFX) - Outokumpu Oyj said it is to cease production at its Coil
Products Sheffield unit in the UK.
The decision affects some 570 workers and
staff consultation will begin immediately.
The closure will result in
write-downs of some 100 mln eur and provisions of some 50 mln eur, which will be
recorded in the fourth-quarter accounts, the company said.
Sheffield-based melt shop, long products and special strip units, as well as its
UK sales and distribution centre are unaffected by this decision.
Outokumpu’s plant at Shepcote Lane in Sheffield was formerly owned by Avesta and British Steel Corporation. The site alongside the M1 at junction 34 overlooks Tinsley viaduct and Meadowhall, completing the industrial backdrop of the Sheffield and Rotherham border.