Steel company axes 110 more jobs

Steel company Outokumpu is to axe another 110 jobs in Sheffield - four months after cutting 50 posts - amid a continuing slump in orders.

The Finnish group said it was in discussions with trade unions about about the fresh round of redundancies.

It said it planned to reduce annual stainless steel production at its Sheffield plant by 150,000 tonnes.

The move came as it reported worse-than-expected first quarter losses of 252m euros as its sales plunged 60%.

Outokumpu HR manager Martin Pinder said: "You never like to announce job cuts , we would much rather announce that we were able to invest and recruit more people.

"However, along with many manufacturing companies worldwide, the recession is biting and our order book is significantly down and we are having to respond to that."

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