Finnish stainless steel producer Outokumpu announced that they will be cutting 796 jobs by the end of this year. After announcing their restructuring plan on September 26 2005, the group held labor consultations in November. Of the 796 jobs that will be cut, 477 will be lay-offs while the other cuts will consist of retirements, voluntary resignations as well as termination of fixed-term contracts. Earlier the group announced that they will reduce the workforce at its Coil Products Sheffield in England by 670 employees. These employee cuts will help Outokumpu reduce fixed costs by around €100 million per year. The group’s Tornio works will see the biggest cut, with the workforce there being reduced by 192 jobs. Also, the Sorsakoski tube mill in Finland will be closed and the group will lose around 8,000 tpy of tube production capacity. (Jan. 5)