Local news outlets in Slovakia report that Pittsburgh-headquartered integrated steel producer US Steel's facility in the Slovak Republic, US Steel Košice, is seeking to reduce the number of its administrative employees by 15 percent by the end of June of the current year. This move will affect 450 managers and administrative employees who have been asked to voluntarily leave their jobs.
Due to the tax abatement granted by the state when US Steel bought the facility, the company cannot lay off any employees until 2010. Therefore, it wants to encourage employees to accept a one-time offer of a financial package in exchange for their voluntary resignation.
This move by US Steel came shortly after the company reported a record-high first quarter loss of about US$449.89 million (€336.2 million).