Voestalpine slashes 340 jobs and closes sites amid US tariffs and oil price slump

Austria’s steel giant faces its toughest test yet. With US tariffs biting and oil prices stuck, Voestalpine’s drastic restructuring leaves hundreds jobless.

, and Administrator

2025 November 12 . 1:15 PM

1 min read

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Voestalpine slashes 340 jobs and closes sites amid US tariffs and oil price slump

Voestalpine, a prominent Austrian steel producer, is grappling with substantial challenges due to US tariffs and persistently low oil prices. This has led to a decline in sales volumes and the necessity for restructuring measures. The company has announced job cuts and site closures in Upper Styria.

Voestalpine Tubulars in Kindberg, which employs approximately 1,070 people, will reduce its operations from three shifts to two starting in January. This follows the company's acknowledgment in September of the urgent need for action at its Upper Styrian sites due to declining sales volumes, particularly in tool steel. Consequently, Voestalpine will cut a total of 340 jobs, including 280 permanent and 60 temporary positions, at its Kindberg and Mürzzuschlag sites.

The Mürzzuschlag site, which employs around 450 people, will remain operational but will focus on specialty products. This will secure three-quarters of the jobs at the site. However, the Birkenfeld site will close on December 1 as part of the ongoing restructuring measures. Voestalpine will collaborate with the works council to develop a social plan over the coming weeks.

Voestalpine's restructuring measures aim to tackle the significant burdens from US tariffs and persistently low oil prices. The company does not anticipate any improvement in the economic situation in the coming months and will continue implementing these measures. The job cuts and site closures are expected to help the company navigate these challenging times.