Reuters reported that Spanish stainless steel tube maker Tubacex wants staff to cut their hours by 60% until the end of 2009 to cope with falling orders.

An official said that Tubacex managers outlined its plan to cut hours for 878 workers, almost all staff excluding early retirement cases and temporary workers. He added that "The significant fall in the order book means there is not enough workload."

Workers have 15 days to decide whether to accept the company's proposal.

(Sourced from www.reuters.com)