Rautaruukki will discontinue operations at its Mo i Rana unit in Norway
Rautaruukki will discontinue operations at its Mo i Rana unit in Norway until further notice, it said on Friday.
The unit, which makes shipbuilding profiles and flange profiles for windmill towers, will be closed at the earliest convenience, by no later than mid-May 2010, the company said.
"Demand in the shipbuilding industry has been weak and the Mo i Rana unit posted an operating loss of €30 million (40.5 million) for 2009, and the demand in the shipbuilding industry is expected to decline this year compared to the previous year," the company said in a statement.
The decision is expected to affect 110 employees in the unit.