Steel Manufacturer’s Cost-Cutting Efforts Continue

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CANTON, Ohio – Cost-cutting efforts at an Ohio steel manufacturer have eliminated 14% of the workforce over the last year.

TimkenSteel recently eliminated 55 salary positions and ended a scholarship program for children of employees. CEO Terry Dunlap told employees in an email in November that the changes will do more than save money. He says they will drive “greater alignment, accountability and results.”

United Steelworkers Local 1123 estimates 250 members employed by TimkenSteel are on layoff. There currently are about 2,500 employees at the Canton-based company in northeastern Ohio.