Bethlehem Steel Cuts Staff, Consolidates In Wake Of Dumping

Bethlehem Steel Corp., Bethlehem, Pa., has reacted to the ultra-competitive steel market by announcing staff cuts and consolidations recently. The $4.5 billion steelmaker will reduce its salaried workers by 15%, or 500, by Jan. 31, 2001. The company said about one-third of the reduction has already been made, and 60% will be achieved by June 1. A company statement said "dumping of unfairly traded foreign steel during the last 18 months" makes the cuts necessary. Bethlehem also plans to consolidate its Burns Harbor, Sparrows Point, and Bethlehem Lukens Plate flat-rolled products divisions into two divisions. "We have made considerable progress in reshaping our company over the last few years; however, given the extremely competitive environment we now have and in which we expect to continue to operate, we must further increase the intensity of all of our actions and efforts so that we can derive the greatest value for our shareholders," president and COO Duane R. Dunham said in a statement.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish