Tibnor to cut costs

Luleå SSAB's subsidiary Tibnor is planning to cut costs by SEK 150 million. This could mean a reduction of 175 jobs.

The annual cost reductions of SEK 150 million affect all business areas and countries where Tibnor operates, except in the Baltic countries.

The effects on staffing will be specified when the plans for the different countries are implemented, which will take place in the fall of 2023.

"Demand has slowed down in most countries and in order to ensure our profitability and competitiveness in this situation, we need to adjust our cost structure. By doing this, we can continue our successful growth and expansion journey," says Fredrik Haglund, CEO of Tibnor.

Tibnor supplies steel and other metals to industry in the Nordic and Baltic countries, and also offers processing and spare parts services. Tibnor has a 25% market share in steel distribution in the Nordic region and half of the products it sells are manufactured by SSAB. The company has a turnover of SEK 16.6 billion and 1,200 employees.

Lennart Håkansson

editor@northswedenbusiness.com