Terrafame, the state-owned mining and multi-metal company, has concluded its change negotiations, resulting in a workforce reduction of up to 30 person-years. The decision was made due to the challenging market conditions, particularly in the battery chemicals sector.

The company will implement a combination of layoffs and adjustments to work schedules to achieve the necessary cost savings. Terrafame is committed to supporting affected employees during this transition, providing assistance with job placement and other relevant services.

Originally, Terrafame had estimated a potential workforce reduction of up to 75 person-years. However, through careful negotiation and strategic adjustments, the company was able to mitigate the impact on its employees.

Seppo Voutilainen, CEO of Terrafame, emphasized the challenging market environment and the need for cost-cutting measures to ensure the company's long-term viability. By optimizing work schedules and implementing other efficiency measures, Terrafame aims to improve its cash flow and profitability.

As of September 2024, Terrafame employed a total of 826 people. The company will continue to monitor market conditions and adjust its operations accordingly.

[ⓒ Global Economic Times. 무단전재-재배포 금지]