Finnish metals group Outokumpu Oyj said Friday it will close a stainless steel plant in Sheffield, England - laying off all 230 workers - because of oversupply. Its stock surged 14 percent.
“The market for stainless precision strip is oversupplied and this business in Sheffield has been loss-making for several years,” the world’s No. 2 stainless steel maker said. “The proposal is part of Outokumpu’s performance improvement actions to ensure global competitiveness.”



