Sheffield steel company Outokumpu is set to axe 50 jobs and close its pension scheme as it battles to prevent operations being shut down altogether.
All 550 staff have been warned the firm has failed to make a profit for eight years and the outlook for 2016 ‘remains challenging’ and ‘significant action’ needs to be taken.
All of Outokumpu’s UK operations are in Sheffield. The firm has a meltshop and sales and distribution centre off Europa Link at Tinsley and an alloy steel rod unit in Brightside.
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