| AK Steel Pay Cuts Affect Locals |
| Friday, December 5, 2008 9:09:43 AM - Middletown Ohio |
By: Tara Kunkle
At AK Steel there is now a 5-percent pay reduction for all of the salaried workers, and will impact over 800 people locally. Right now there are around 300 corporate employees that work at the West Chester Twp. headquarters. And there are also 525 managerial and support personnel employed at the research and development center on Grove Street.
The workers that are in the reduction are the executive officers, the president, chairman and the CEO Jim Wainscott. AK Steel has around 1,500 salaried workers at operations in four different states. All of the workers pay will reduce by 5 percent starting January 1st.
AK Steel has been considering the pay reduction since the market began to go down in the third quarter. The employees have been understanding and know that they are doing whatever it takes to keep the company strong. They performed better in the first nine months of this year than all of last year and then it went back down.
As of right now AK has idled two plants and laid off almost 1,000 hourly employees. There has only been 350 voluntary retirement packages offered to employees. There may also be involuntary employment cuts. |
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