WCI Steel takes some cost reducing measures

WCI Steel takes some cost reducing measures

US steel producer WCI Steel, located in Northeast Ohio, has recently announced that it will take certain cost-cutting measures, which will enable the company to save approximately $3 million annually. Accordingly, the plant will cut 10% salaried work force and reduce its contributions to salaried employers as of February 1, 2004, thus the company will be able to complete its restructuring successfully and emerge from bankruptcy. The layoffed workers will be paid retirement incentive. These measures that are planned to be put into effect by WCI Steel are subject to bankruptcy court's approval. As previously reported by SteelOrbis, WCI Steel filed for bankruptcy court on September 16, 2003.