* Cuts affect around 4 percent of workforce
* Sees annual cost-savings of 25 million euros
* New CEO started last week
* Analysts expect more cost cuts
(Adds analyst quotes, shares)
HELSINKI, April 6 (Reuters) - Finland's loss-making stainless steel producer Outokumpu will cut up to 350 jobs as it tries to slash costs in Europe, the company said on Wednesday.
The company said the spending cuts, including eliminating around 4 percent of its workforce, would help it save about 25 million euros ($35.46 million) a year from 2012.
The announcement comes just 5 days after Mika Seitovirta took over as chief executive, replacing Juha Rantanen who had failed to stop spiralling losses. "Outokumpu has been loss-making the past three years and we must improve our financial performance," Seitovirta said in a statement.
The company ran up operating losses of 584 million euros between 2008 and 2010.
Analysts said the cost-cuts were expected, but more would be needed to stem losses.
"We expect more actions to boost profitability. The announced 25 million euros savings are small considering the size of the firm, because the group's result is still hundreds of millions of euros lower than it was at its highest years," brokerage FIM said in its morning note.
Outokumpu stock was 0.7 percent higher at 12.37 euros by 0744 GMT.
(Reporting by Terhi Kinnunen and Jussi Rosendahl; Editing by Louise Heavens and Jane Merriman)
($1=.7050 Euro)