This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Outokumpu Cuts 2,500 Jobs To Save $455 Million

HELSINKI (AP) â¿¿ Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall.

The world's leading stainless steel maker says about a third of the job cuts will be applied this year, mostly in Germany, Sweden and Finland, in line with production capacity reductions and streamlining.

Outokumpu says it slid into a first-quarter net loss of 152 million euros from a slight profit a year earlier despite a 70 percent surge in revenue to 2.2 billion euros. Stainless steel deliveries fell 7 percent in the quarter to 703,000 tons.

Outokumpu stock was up more than 2 percent at 0.47 euros in Helsinki in Thursday afternoon trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs