The Finnish branch of shipbuilding company STX on Monday announced the closing of operations in the Rauma shipyard, one of the major shipyards in Finland, leaving hundreds of workers unemployed.

According to Finnish broadcasting company Yle, the firm's operation and orders will be shifted to Turku, another shipyard of STX Finland. About 700 employees in Turku and Rauma are expected to lose their jobs by the end of June next year.

"The decisions made now are based on a realistic estimate of the company's current state and the market outlook. They will halt the company's vicious circle of losses, now in its sixth year, and lay the foundation for a profitable business," Jari Anttila, deputy CEO of STX Finland said in a statement.

More than 100 employers of Rauma shipyard marched out to protest against the decision, said Yle.

STX, or System Technology Excellence Group, is a South Korean multinational conglomerate, mainly operating in fields like shipping, logistics, shipbuilding, machinery, energy and construction.

STX Finland has a total of 2,500 employees working in the Turkku and Rauma shipyards. Endi

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