YLE reported that FNsteel is shuttering its plants in Hanko with 270 employees, and in Kimitoön with 180.

Both towns are on the western part of Finland's south coast.

The steelmaker also had some 200 subcontractors associated with the facilities.

The head of the company's Finnish operations, Mr Anders Moliis-Mellberg, said that bankruptcy applications have been filed, however the timetable for proceedings and the impact on the factories' future remain unclear.

The Koverhar plant in Hanko is now closed for repairs. It will not reopen under the current ownership.

FNsteel, which makes wire rod and PC strand, has two other factories in Sweden and the Netherlands.

Source - Yle

(www.steelguru.com)