Ovako restructuring program 2015-2017
Ovako plans to implement a restructuring program to adapt to the current and expected future market demand. The program affects 300 employees. The annual cost saving for the entire program is estimated to be EUR 45 million, with full effect in 2018. Negotiations with local unions will start immediately."We are operating in a market with low expected growth over the next three years. The European production capacity in engineering steel is dimensioned for the market peak in 2007, and this is reflected at Ovako too in terms of overcapacity. This is not sustainable in the long term. Hence, we