Olympic Steel Inc. (Cleveland, Ohio) has completed a planned reduction in its total workforce, the second in its 47-year history. The reduction of approximately 80 personnel, which includes natural attrition, amounts to about 8% of Olympic’s total workforce. This reduction, which is expected to result in total savings of approximately USD 1.8 million this year, affects most locations at nearly every organisational level, from management to staff and warehouse personnel. The company states that this action will not affect its focus on safety, or its performance efficiencies for its customers. Since the beginning of 2000, Olympic has reduced its headcount and payroll costs by about 14%. The reduction of approximately 80 personnel, which includes natural attrition, amounts to about 8% of Olympic’s total workforce. This reduction, which is expected to result in total savings of approximately USD 1.8 million this year, affects most locations at nearly every organisational level, from management to staff and warehouse personnel. The company states that this action will not affect its focus on safety, or its performance efficiencies for its customers. Since the beginning of 2000, Olympic has reduced its headcount and payroll costs by about 14%.
