Nokia

(NOK) - Get Report

said Tuesday it plans to cut 300 to 400 jobs in a bid to "sharpen" its broadband systems business. Separately, the company announced it was releasing two new phones in South Korea, the third-largest Asian Pacific market after China and Japan.

Today's news from the Finnish mobile handset giant arrives amid a host of earnings warnings and cost-cutbacks within the troubled telecom sector. Rival

Ericsson

(ERICY)

said Tuesday it was

cutting up to 2,100 jobs in Sweden and closing two British plants due to the overall slowdown in the economy.

Indeed, Nokia, the leading mobile handset provider, hasn't been spared. The company

warned of a first-quarter sales slowdown earlier this month, citing slower growth and difficult conditions in the first half of the year.

Tuesday, the company said Nokia Networks, its infrastructure unit, will restructure its broadband systems division into two business units called Broadband Access and Narrowband Access.

"The broadband market has lately experienced changes, especially in the U.S., and we want to proactively develop our mode of operation to meet and exceed customer expectations and to adapt to the new market conditions and increased competition," Nokia said in a prepared statement.

Nokia expects the new organization to be into effect in the second quarter of 2001.

In a separate statement, Nokia announced it was releasing two new code division multiple access, or CDMA, phones in South Korea. They were jointly developed with Korean partner

Telson Electronics

and will be available nationwide in Korea in the second quarter.

This launch follows news that the company signed a

$100 million deal to build a mobile communication network in Peru. Last week, the company announced the release of new phones for the Americas, Europe and Asia, including its first high-speed mobile Internet models which run on General Packet Radio Service technology.

TheStreet.com

recently wrote a separate story that examined the

slowdown of telecom spending in Japan.