Business News
Austria's biggest steel maker phases out short working hours
Aug 28, 2009, 6:32 GMT
Vienna - Austria's biggest steel maker voestalpine AG is phasing out short working hours for some 3,500 of its employees as demand for some steel products has picked up this summer, the company announced Friday.
However, 5,500 workers in Austria and abroad will still be affected by the cost-saving measure, the company said, cautioning that its move was no indication of a sustained economic upturn.
Orders for high-quality flat steels dropped by nearly 50 per cent in the first half of this year, but a recent uptick allows for better plant utilization in Austria.
Voestalpine made a net loss of 48 million euros (69 million dollars) in the April-June business quarter, as demand in the automotive sector and other key industries was weak.
Since last September, the Linz-based company has reduced its headcount by 4,100 workers, or 8.8 per cent of the workforce.
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