AK Steel Corp. is eliminating 475 jobs, or 20% of the salaried work force in its steel operations, in a bid to return to profitability. The job cuts of managers, supervisors and support staff will be complete by the end of the year, AK Steel spokesman Alan McCoy said. Management expects the reduction to save USD 35 million annually beginning in 2004. The company said it will take an USD 11 million charge against fourth-quarter earnings for costs of the reduction. The job cuts will be spread throughout its steel operations. The company’s headquarters and largest plant in Middletown will lose the most jobs, about 200 total.
