AK Steel to Have 5 Percent Pay Cuts

AK Steel recently announced there will be a 5-percent pay reduction for all salaried workers. More than 800 people will be affected locally. Currently there are close to 300 corporate employees that work at the West Chester Twp. headquarters of AK Steel. Right now there are also 525 managerial and support personnel that are employed at the research and development center on Grove Street in Middletown.

The workers that are included in the reduction are the executive workers, the president, chairman and the CEO Jim Wainscott. There are around 1,500 salaried workers at operations in four different states. By January 1st all of the workers will be reduced by 5 percent.

When the global steel market started to go down in the third quarter of 2008, AK Steel started considering the pay reduction. So far it looks as if the employees have understood in what the company is doing and have overall been supportive. In the first nine months of this year the company performed better than all of last year.

So far AK has idled two plants and laid off almost 1,000 hourly employees. There have been 350 voluntary retirement packages offered to employees.

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