Allegheny cuts costs

Allegheny Technologies Incorporated has announced a series of cost reduction actions to enhance its competitive position. These include the permanent idling of the company’s stainless steel melt shop in Houston, Pennsylvania, which will eliminate nearly 250,000 tons of stainless steel melt capacity. This action will affect about 220 employees and will be completed before 31 December 2001. Additional workforce reductions of about 300 employees will occur across the company, to be substantially completed by the end of 2001. “With the uncertain economic outlook, we are staying focused on cost reduction,” said Jim Murdy, president and chief executive officer. “We determined that the Houston, Pennsylvania, melt shop could no longer be operated economically in the highly competitive global stainless steel market. However, we plan to continue to operate the Steckel mill at the Houston, PA, facility.”

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