Swedish specialty steel maker SSAB said on Monday it would cut 1,300 staff as part of a programme to save at least 1 billion Swedish crowns ($122 million) in annual costs.
The company, which last month warned that demand had dropped suddenly, said the programme would cost 550 million crowns, with much of the financial impact in the fourth quarter.
"As a consequence of the severe downturn in the steel market and the uncertain prospects for 2009, SSAB is undertaking a cost savings program that is estimated to reduce operating costs by at least 1 billion crown per year," the company said.
"As part of the program, SSAB intends to reduce its workforce by 1,300. The savings program will be implemented in 2009 and the full impact is expected to be felt in 2010."
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