Stockholm - Swedish steel maker SSAB said Monday it was shed 1,300 jobs in Sweden, more than a tenth of its current workforce, citing "the severe downturn in the steel market" for transportation, building and infrastructure.

"Demand for steel has fallen sharply in the autumn and we must adapt our costs to the new conditions," SSAB chief executive Olof Faxander said.

The company said it hoped to save 1 billion kronor (120 million dollars). About 200 of the jobs to be cut would impact consultants or contracted firms.

SSAB has some 10,000 employees, mainly in Sweden. The group makes high-strength steel sheet and steel plate. (dpa)