A.M. Castle sheds inventory, trims work force
May 03, 2013 | 03:42 PM
CHICAGO A.M. Castle & Co. has been trimming inventory, closing branches and implementing layoffs as part of a widespread cost-cutting effort that executives first outlined in January (amm.com, Jan. 17).
"(We have) made significant progress toward our goals to improve our operating efficiency ... and reduce our costs," president and chief executive officer Scott J. Dolan said during an earnings conference call.
"We continued to focus on inventory-reduction efforts during the first quarter of 2013," Dolan said. The companys inventory declined by more than $33 million on a replacement-cost basis in the first quarter. ....
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