voestalpine AG, an Austria-based steelmaker, is implementing a major restructuring, eliminating 340 positions across its Styrian operations. This decision addresses a challenging environment created by US import tariffs, high energy costs, and falling demand in sectors such as the automotive and oil and gas industries.

The cuts include 280 permanent roles and the non-renewal of 60 temporary contracts. The Kindberg facility will reduce shifts, while the Mürzzuschlag site will reduce its workforce by 25% to specialize in premium niche products.

Despite posting stable first-half profits, management maintains a cautious outlook, warning that no substantial economic improvement is expected soon. The job reductions prepare the corporation for an extended period of market difficulty.