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Ruukki Construction plans to adjust operations and cost structure
June 27, 2023 12:00 CEST 6 min read
SSAB’s subsidiary Ruukki Construction plans to adjust operations to the weak demand in the construction market. The measures, which affect all of Ruukki Construction's businesses and operating countries, aim to achieve annual cost savings of approximately EUR 15 million. The measures that are expected to be implemented by the end of 2023 could result in the reduction of approximately 200 positions in the company’s operating countries.
The market situation in all ten of Ruukki Construction’s operating countries has been weak for some time, and there are no signs of improvement in the short term. Against this background, Ruukki Construction aims to improve the operating efficiency by adjusting the company's cost structure and streamlining the organization. At the same time, the aim is to ensure the conditions to implement the company's long-term growth strategy.
The measures expected to be implemented by the end of 2023 aim to achieve annual cost savings of approximately EUR 15 million and could lead to a total reduction of approximately 200 positions. The implications for the personnel will be specified when the country-specific plans are implemented.
"Demand for building products is weak in all of our operating countries. In order to ensure our competitiveness in this difficult market situation, we have to adjust our cost structure in all countries. However, we will continue to execute our long-term strategy," says Sami Eronen, President, Ruukki Construction.
Ruukki Construction employs around 1,500 people in the Nordics, Baltics and Central Eastern Europe.
For more information:
Sami Eronen, President, Ruukki Construction, tel. +358 40 557 8839