Neste axes 510 jobs globally, 370 in Finland

The state-run petroleum company Neste decided to permanently reduce 510 positions including 370 in Finland, said the company in a press release on Monday.

The company completed the change negotiations announced in February this year with the view to save cost of about EUR 65 million.

Neste offered its employees comprehensive support to help them adapt to the situation.

“Our current market environment is very challenging and financial performance unsatisfactory. While decisions that affect our employees are difficult, we must take action on many fronts to improve our profitability and cost-competitiveness of our operations. We will support our employees in many different ways in this situation,” said Neste’s President and Chief Executive Officer Heikki Malinen.

With this workforce reduction Neste targets a total of EUR 350 million EBITDA run rate improvement by the end of 2026, of which EUR 250 million from operational costs.

Earlier, in February 13, 2025, Neste announced to permanently reduce jobs across the globe including in Finland.

In March 2024, Neste also cut 320 jobs in Finland and 70 more abroad as a part of its restructuring plan.