Factbox-How Finnish strikes over labour reforms are affecting companies
Reuters
Published Mar 11, 2024 14:24
Updated Mar 14, 2024 15:51
(Reuters) - A strike by labour unions that has disrupted ports and the rail system is having an impact on Finland's exports and imports.
The two-week strike, which began on March 11 and follows others since October, is in protest over government plans to reform the labour market and reduce social welfare, changes which the government argues are necessary.
Here is how companies have been affected:
BOLIDEN
The Swedish metals maker expects a 300 million-crown ($29.09 million) hit to its first-quarter profit.
FINNAIR
The national carrier expects disruptions to its refuelling services and planned measures to allow refuelling at stations outside Finland.
METSA BOARD
Metsa Board expects to temporarily shut its Joutseno mill. Metsa group planned shutdowns at five mills in the coming days and will assess wage payments if the strikes continue for more than two weeks.
NESTE
The oil and biofuels group could stop production at its Porvoo oil refinery as the strike cuts off raw material transportation and leads to storage facilities being full.
OUTOKUMPU
The Finnish steel maker cut its first-quarter guidance, estimating the negative impact of the strikes on adjusted EBITDA to be about 40 million euros ($43.57 million).
SSAB
The Swedish steelmaker said the strike would impact SSAB Europe's first-quarter operating result by some 300 million crowns.
STORA ENSO
The Finnish forestry firm said the strike could delay deliveries, curtail production or temporarily shut down individual lines or mills, leading to extra costs. Production at the Varkaus packaging board mill will be halted from March 13, and wages suspended for employees affected.
UPM
With production halts at its paper mills in Rauma and Jämsänkoski and planned shutdowns soon of Kaukas pulp mill and Kymi pulp and paper mills, UPM is suspending pay for employees affected.
VR GROUP
The state-owned railway, which normally runs 250 freight trains per day, said the strike has put freight traffic at a standstill until March 24. Passenger transport will not be affected.
($1 = 10.3131 Swedish crowns)
($1 = 0.9181 euros)
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Written By: Reuters
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