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Sweden’s Boliden expects a hit of around 500 million crowns ($47.6 million) to its first-quarter operating profit from an ongoing industrial strike in Finland, the company said.
Of the 500 million crowns, 200 million is due to reduced production and 300 million to delayed deliveries to customers, Boliden said in a statement.
Finland’s industrial, logistics and electrical workers said on Wednesday they would extend their ongoing two-week strikes by one week until March 31 in protest against government labour reforms and welfare cuts.
Boliden now expects a negative cash flow impact in the first quarter of around 1 billion crowns, up from its previously communicated 500 million crowns.
It expects the impact of delayed deliveries to be temporary and to be regained in the second quarter, it added.
“Some impact on production is also expected during the second quarter, based on currently assumed circumstances,” the company said.
($1 = 10.5079 Swedish crowns)
(By Anna Ringstrom; Editing by Louise Rasmussen and Mark Potter)
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