To improve the group’s resilience against Chinese steel imports, management has announced another cost-cutting exercise. Several hundred employees will have to leave four plants which employ a total of 1,900, out of a worldwide workforce of around 23,500 (the average was 23,677 in 2015). Assuming management is talking about 300 jobs, the cost savings will amount to some €20m or 0.2% of revenue.
This is a very small number indeed and the past has shown that Salzgitter has never reduced the workf ....
21 Mar 2016
Nothing but lip service
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Nothing but lip service
Salzgitter AG (SZG:WBO) | 0 0 (-0.3%) | Mkt Cap: 2,774m
- Published:
21 Mar 2016 -
Author:
Hans-Peter Wodniok -
Pages:
2
To improve the group’s resilience against Chinese steel imports, management has announced another cost-cutting exercise. Several hundred employees will have to leave four plants which employ a total of 1,900, out of a worldwide workforce of around 23,500 (the average was 23,677 in 2015). Assuming management is talking about 300 jobs, the cost savings will amount to some €20m or 0.2% of revenue.
This is a very small number indeed and the past has shown that Salzgitter has never reduced the workf ....