Pilsen Steelworks will layoff 477 employees in January. Forty-seven workers will remain on the payroll.
The German group Max Aicher acquired Pilsen, which is in bankruptcy.
Most workers from Pilsen Steel, who have not been employed for over a year and only received part of their wages, have found work elsewhere.
On 4 December, the creditor committee and the trustee approved the buyers of the business. Neither the buyer’s name nor the purchase price was revealed at that time.
In the insolvency proceedings, which began last 19 June, 87 creditors claim the company owes them 9.4 billion crowns.