Yahoo! News – Allegheny Technologies to Slash 650 Jobs: “Steel-maker Allegheny Technologies Inc. said Monday it will cut 650 jobs over the next two and a half years in a restructuring designed to save about $200 million a year.
Allegheny also said it expects to return to a profit in its latest quarter, thanks to improving market conditions.
The company has about 8,800 employees worldwide.
It blamed the job cuts on a restructuring at its Allgeheny Ludlum stainless-steel production plant. The revamping at the plant is designed to increase annual capacity to 700,000 tons from 478,000 tons.
The cost savings will come from both the restructuring and from the transformation of Allegheny’s stainless steel business by the second half of 2006, the company said. “