According to German labor union IG Metall that Outokumpu agreed to postpone the planned closure of its plant in Bochum to August 2015 at the earliest and will continue to pay the 450 employees their wages until the end of 2016 with a one-time payment of £10,000 for each worker and offer them jobs elsewhere.

Meanwhile, Outokumpu also agreed to review the feasibility of a shift of melt shop capacity from Bochum to its Tornio plant in Finland and Avesta in Sweden.

The company has also promised that there will be no compulsory lay-offs at any of its German plants until the end of 2020, five years more than previously agreed.

Outokumpu is trying to cut costs and return profitable on weak European demand and oversupply that has pushed down stainless steel prices.