Special Metals reduces workforce

Special Metals Corporation has announced that it is implementing reductions of approximately 12% of its salaried employees at its operations based in Huntington, WV, Burnaugh, KY, Elkhart, IN, New Hartford, NY, Dunkirk, NY, and Hereford, UK. These actions are expected to be essentially completed by 31 October 2002. The reductions are a response to the weakened economy and the depressed demand in key market segments, including commercial aerospace and power generation. Including this action, salaried employees and full-time equivalent production employees in the USA have each been reduced by more than 25% over the past twelve months.

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