Austrian steel maker Voestalpine AG will reduce working hours for about 10 percent of its 42,000 employees because of the global economic downturn, the company said Wednesday.
The decision will affect roughly 2,500 workers in the company's Austrian-based steel division, a statement said. About 1,500 workers at Voestalpine's automotive division sites in Austria, Germany and the Netherlands also will be impacted.
The Linz-based company said the cost-saving measure is aimed at avoiding job cuts and will stay in place over the coming months.
Voestalpine CEO Wolfgang Eder said the current economic situation could only be handled through "radical measures."
"Every one of us will have to make sacrifices in order to avoid layoffs in large scale, which remains our primary goal," he said.
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