Timkensteel plans to cut salaried and management employees by 8 percent. About 90 salaried positions will be cut, Ward J. “Tim” Timken Jr., chairman, chief executive officer and president, told stock market analysts in a conference call Friday. Another 30 operational jobs also will be cut.
The 120 jobs are in addition to 260 other positions cut earlier this year. Of those, about 314 workers — 134 salaried and 180 Steelworkers — have been employed at Canton operations and about 70 have been at a facility in Houston.
The company also has been cutting inventory and making other moves in an attempt to battle losses by curbing expenses. TimkenSteel made $25 million in cuts during the second quarter before announcing the latest round.
“We’ve been here before, we know what to do and we’re doing it aggressively,” Timken told analysts. Good job Tim except this company is much smaller thanks to splitting the two companies. How much did you profit for that decision?
The management team is in a constant state of flux. Poor decisions and poor understanding of the business requires the associates of the organization to work much harder to accomplish business objectives than should be necessary.
No where have I heard about you taking a pay cut. Obviously you only care about yourself. By the way thanks for driving the stock price into the ground. Good management. I hope you have great golden parachute.