Schnitzer cost-cutting to slice 300 jobs

Aug 28, 2012 | 03:49 PM | Sean Davidson

Tags  scrap, steel, Schnitzer Steel, cost-cutting, job cuts, Sean Davidson

NEW YORK — Schnitzer Steel Industries Inc. plans to eliminate 300 jobs, or about 7 percent of its work force, as part of a major restructuring and cost-cutting exercise, the company said Tuesday.

In addition to the companywide job cull, Schnitzer will look to further integrate its metals recycling and auto parts businesses, streamline its corporate structure and reduce "organizational layers," it said. These initiatives are expected to lower annual operating costs by $25 million and should be "substantially complete" by the end of the fiscal 2013 first quarter ending Nov. 30, the company said as it announced its fiscal fourth-quarter outlook.

Restructuring charges are expected to total some $12 million, with $5 million of that expected to be incurred in the fourth quarter of fiscal 2012, it said. ....

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