Friday, October 23, 2009

Steel giant bid to break even despite losses

Stainless steel giant Outokumpu is continuing to aim to break even by the end of the year, despite pre-tax losses of €81 million (£73 million) for the third quarter of the year.

The Finnish company, which has major operations in Sheffield, where stainless steel was invented 86 years ago, says uncertainty in markets has continued and there has been no major improvement in underlying demand.
Outokumpu has continued to cut back on production and was working at no more than 55 per cent capacity in the third quarter.
This year the company closed its thin strip business at Meadowhall, with the loss of 230 jobs, and then axed 150 jobs in its Shepcote Lane melting shop as part of a plan to cut costs by reducing annual production to 200,000 tonnes from a maximum capacity of 500,000 tonnes.

Read the full article by Bob Rae at the Sheffield Star


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