AK Steel Layoffs Job Cut: fires employees: Finance Trading Times

AK Steel Layoffs Job Cut: fires employees

After Severstal Layoffs News, another steel maker is going for layoffs. All sectors are feeling the heat in the worst of its times and metal production companies are no exception to it. The latest one to add to the list is, AK Steel, which is in the Steel manufacturing business, has decided to fire some employees and go ahead with its planned layoffs. AK Steel  Layoffs

How many employees may be fired in the AK Steel layoffs?
There are no numbers revelaed by the company, but there are news that it will be the salried staff employees who will be fired from their jobs.

What is the total no. of employees at AK Steel layoffs?
There is a total staff of strength 6500, out of which 1500 are salried employees.

AK Steel layoffs?
When will the AK Steel layoffs happen?
The only news that is available is that the layoffs will be done as per the need on a weekly basis.

Which locations will AK Steel Layoffs happen?
All company's plants and offices in West Chester, Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky and Rockport, Indiana will be the locations which will be affected by layoffs severely.

What actions will be taken by AK Steel for reducing costs?
The Company took several cost reduction measures for salaried employees, including an indefinite 5 percent pay reduction effective January 1, freezing the defined benefit plan for salaried employees and replacing it with a defined contribution retirement benefit, and offering temporary incentives for voluntary retirements.

What are the reasons for AK Steel layoffs?
Worsening global financial situation, competition, lack of demand and mounting costs are some of the reasons quoted by the management to justify the layoffs.
Let's hope that alternative jobs are available to the affected employees of AK Steel Layoffs Job Cut
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