International steel company FNsteel stops operations in Taalintehdas (Dalsbruk), Kemiönsaari and Koverhar, Hanko, Finland. The Dutch group has run into financial difficulties due to rapidly deteriorating steel market and high raw material costs, rendering attaining of further financing all but impossible. The Hanko billets factory has some 270 employees and its output is used in wire rod rolling mills at Taalintehdas with some 180 employees. In addition to that, around 200 people have been employed by subcontractors in the two locations.
A bankruptcy petition will be left for the subsidiary FNsteel Oy Ab, which has been handling the two units. Operations will not continue at least under current ownership. Wire rod and PC strand manufacturer FNsteel’s Finnish operations were formerly known as Ovako as they were a part of Wire division of Ovako Group. The blast furnace in Koverhar has been under extensive repair and maintenance for the last month. Tnvestments that were aimed at making the factory among industry leaders in energy efficiency have attained million in Finnish government financing. PC strands production at Taalerintehdas under subsidiary FNsteel Dalwire Oy Ab apparently continues.
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