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Swedish steel giant, SSAB laying off 450 blamed on efficient savings

Thursday, 11 October 2012
Swedish steel giant, SSAB has issued notice for dismissal of 450 employees in it region of operation in Borlänge, Oxelösund and Lulea.
In a statement, the steelmaker said that it would also be investigating the possibility of reducing the Swedish working hours, in a measure the company says is part of its previously announced efficiency improvement program.

"SSAB EMEA is currently carrying out an efficiency program aimed at increasing flexibility throughout the entire business operation. The program has been accelerated and is expected to be fully completed towards the end of the first quarter of 2013. The annual cost savings are expected to amount to SEK 800 million," writes  Melker Jernberg, Head of Business Area SSAB EMEA in a statement.
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