Sept 7th, 2005
All Weymouth Steel Company Employees
Weymouth Steel Organization
Dear most Weymouth employees:
In recent years, the steel market has become incredibly competitive because of the entering of many overseas businesses. There are many companies exit from the industry because they cannot handle your competition. Thanks to your hard-working and dedicating, our company still has an excellent brand name on the market; our goods provide wonderful value to our customers. Nevertheless , this does not mean that our company is certainly not affected by the stiff competition. In order to live in the competition, the business needs to acquire and set up new digesting machines. The capital spending expenditures happen to be about $2 billion 12 months, which is a large amount of money. As a result, our respond to this environment is to have some procedure for reduce the costs.
During past quarters, as the competition hard, we served quickly. All of us shut down a lot of several smaller/ less effective mills, constrained the use of overtime, however, and modern salaried personnel, reducing journeying, and so on. Consequently, our spending expenditures decreased to $2 billion. Nevertheless, it was insufficient. Now we need to do even more. As part of the technique of reducing costs, we will need to eliminate an overall total number of doze, 000 workers, including by the hour and salaried.
There will be 2, 000 out of 10, 500 salaried employees affected. you, 000 salaried employees might be eliminated through normal regret, early pension and copy. The additional 1, 000 salaried employees might have to always be let go. 15, 000 away of 50, 1000 hourly workers might also must be let go.
For all of you who are influenced by this lay-off, you have my personal deepest and sincere my apologies. I know this will be a tough time for you and I want to ensure you that individuals will provide support and support during this change. We is going to do everything we're able to to assist you in locating new careers. We may also offer several benefits. As for...