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Finnish report Finnish report
by Euro Reporter
2012-09-11 11:05:17
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Finland's Outokumpu to cut 100 jobs in general stainless unit

Finnish stainless steel maker Outokumpu said it would cut around 100 jobs in its general stainless unit to save costs. Outokumpu said it will likely book non-recurring costs of around 5 million Euros ($6.4 million) in the third quarter related to the job cuts. It said it expects cost savings of around 10 million Euros as a result of the move.

In July, the company reported an underlying operating loss of 39 million Euros for the April-June quarter and forecast weak conditions to continue in the current quarter, blaming weaker European demand and lower nickel prices. ($1 = 0.7812 Euros).


Finns open 'pop-down' restaurant in limestone mine

An award-winning chef has opened a new restaurant in Finland that turns the idea of "pop-up" eateries upside down: it's located 80 meters (260 feet) underground. Discerning food lovers are being served salted salmon, veal tenderloin, snails cooked in Pernod and apple crumble in the "pop-down" restaurant in a limestone mine in the small, southern town of Lohja (LOU-ya), 60 kilometres (40 miles) west of Helsinki. A four-course evening meal costs (EURO) 128 ($160), including drinks and transportation from Helsinki to the mine and back.

In major cities around the world "pop-up" restaurants - temporary eateries often located in underused kitchens - are allowing young chefs with experience to experiment without risk of bankruptcy. But Finnish chef Timo Linnamaki said the idea of preparing food down a mine was all part of being close to the earth.

"'Pop-down' is such a unique idea that I just had to do it," Linnamaki said Monday, a few hours before the first guests arrived. "It's great working down here because you are totally cut off from the world, so nothing distracts from the cooking." Eerie blue lights cut deep shadows into the ceiling of the large, dim, underground cavern, a former smithy where drills were hammered to dig into the bowels of the Earth.


More shutdowns in Finland if sulphur directive remains unchanged

A new EU directive limiting sulphur emissions from shipping is set to raise costs for Finnish exporters. Proponents of the new rules say they will, however, save 50,000 lives a year. Up to now ships plying the Baltic Sea have been allowed to use fuel with 1.0 percent sulphur content. That is set to drop to 0.1 percent in 2015 with the adoption of a new directive.

This will increase the cost of fuel and therefore of cargo shipping, making Finnish exporters’ costs more significant. The European Parliament will decide on the matter on Tuesday. The restrictions are most painful for Finland to adapt to, as up to 80 percent of Finnish exports leave the country by sea.

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