Swedish steelmaker SSAB announced plans on Monday to reduce staff by 1,300 employees as part of a billion kronor ($122 million) savings programme. The cuts will affect all divisions and subsidiaries." I regret that we must announce this reduction in personnel. But demand for steel has fallen sharply in the autumn and we must adapt our costs to the new conditions," said SSAB CEO Olof Faxander in a statement. The company said the programme would be implemented in 2009, with the full impact expected to be felt in 2010.
http://www.thelocal.se/16202/20081208/
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