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This move is part of the conglomerate’s ongoing efforts to transform itself into a holding company

The agreement reached between the government, the company, and the labor unions calls for the layoff of up to 300 people

Going forward, the company will also consolidate its rolled steel production across a smaller number of rolling mills

The amount will depend on the number of employees who accept a particular offer

The integration is expected to take effect at the beginning of next year

The Japanese manufacturer has presented a restructuring plan

This step paves the way for in-depth negotiations and the conclusion of a new collective agreement

The company has cut executive salaries and is considering a voluntary resignation program for employees

In March, it was reported about negotiations regarding the purchase by steel producers of Vallourec's stake in HKM