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2011-04-06 08:00:00 CEST 2011-04-06 08:01:00 CEST REGLAMENTUOJAMA INFORMACIJA Outokumpu Oyj - Company AnnouncementOutokumpu to improve efficiencySTOCK EXCHANGE RELEASE 6 April 2011 at 9.00 am EET Outokumpu plans to implement actions to improve profitability, gain more efficiency and remove overlapping activities in sales, supply chain and supporting functions in Europe. The planned actions are also expected to result in a reduction of up to 350 jobs of which up to 90 in Finland and up to 80 in Sweden. The negotiations with personnel will be started according to local laws and regulations immediately. In addition several parallel activities to improve profitability are currently on-going in different countries. The annual cost-savings from all announced actions are estimated to amount to approximately EUR 25 million in 2012. CEO Mika Seitovirta: "Outokumpu has been loss-making the past three years and we must improve our financial performance. Outokumpu needs to become more efficient in its ways of working and serve customers better every day. Unfortunately the planned actions are expected to have impact on our personnel as well." Outokumpu operates in 34 countries and employs 8 100 people. For further information, please contact: Esa Lager, CFO, tel. + 358 9 421 2516 Päivi Lindqvist, Senior Vice President - Communications and IR, tel. +358 9 421 2432, mobile +358 40 708 5351 OUTOKUMPU OYJ Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki. www.outokumpu.com [HUG#1503826] |
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