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Steel plant to close
Finnish metals group Outokumpu Oyj has said it will close a stainless steel plant in Sheffield, laying off all 230 workers, because of oversupply.
The planned closure at the Meadowhall site will be in the first quarter of next year. It is expected to result in annual savings of 22.8m from the second quarter of 2009, the company said.
Write-downs and provisions of 92m will be recorded in the third quarter, it added.
The Meadowhall plant produces specialised, very thin forms of stainless steel strip products.
The firm said: "The market for stainless precision strip is oversupplied and this business in Sheffield has been loss-making for several years.
"The proposal is part of Outokumpu's performance improvement actions to ensure global competitiveness."
Based in Espoo near the Finnish capital, Outokumpu employs 8,200 workers in about 30 countries.
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