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AK Steel
AK Steel Plans Salaried Workforce Pay Cut, Other Cost Reduction Measures
December 19th, 2008
In response to the recent unanticipated and major downturn in the economy, which has resulted in sharply lower demand for some of the company's products, AK Steel (NYSE:AKS) announced that it is implementing a salaried employee cost reduction program. Among the elements in the program are plans to implement an indefinite 5% pay reduction for salaried employees on January 1, 2009. The pay reduction will affect all salaried employees, including the company's CEO and all executive officers. The company said it plans to implement other salaried workforce cost reductions, including freezing the defined benefit plan for salaried employees and replacing it with a defined...
Source: Health Business Week (2008-12-19)
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