STOCKHOLM, Sweden (AP) -- Swedish steel maker SSAB will cut 1,300 jobs because of rapidly falling demand for steel, the company said Monday.
The job cuts, representing about 14 percent of the company's work force, will reduce operating costs by 1 billion kronor (US$120 million) a year, the Stockholm-based company said.
While most of the personnel reductions were planned in Sweden, SSAB said it would also cut 140 contractors for its North American unit.
The demand for steel has fallen particularly in transportation and construction sectors, SSAB said.
The savings program will be carried out next year. It will cost approximately 550 million kronor, charges that will primarily be booked in the fourth quarter of 2008, the company said.
