Pittsburgh specialty metals producer Allegheny Technologies (ATI) announced this week that it will cut 250 jobs--more than a third of its workforce.
The layoffs, part of the company's restructuring of its Flat Rolled Products operations, are to be complete by summer.
Allegheny Technologies said in a statement that the move will save $30 million in costs annually.
“Reducing our flat-rolled products business’ dependence on unprofitable commodity products is a difficult process,” said Rich Harshman, Chairman, president and CEO, in a statement. “We believe in U.S. manufacturing. However, it is difficult for a U.S.-based company to compete in the global commodity markets, particularly when significant global overcapacity exists for products such as commodity stainless steel sheet and grain-oriented electrical steel (GOES). The restructuring and right-sizing actions we are taking, while painful for our employees and our company, are necessary to help secure the future of ATI Flat Rolled Products."
ATI said it is in the process "of creating a smaller, more agile, streamlined, cohesive and efficient Flat Rolled Porduct business that will focus on products and markets with significant technical barriers to entry."
