With gloomy outlook on fourth-quarter loss, Finnish stainless steelmaker Outokumpu plans to slash 1300 jobs worldwide, with 300 jobs in Finland and 600 jobs in Sweden. Reuters reported.

The company said it see a significant loss for the fourth quarter, citing on the lower delivery volume, lower prices and shrinking value of its raw material inventories.

Outokumpu employs some 8,000 people in over 30 countries, the staff reduction plan is considered to save operating cost.