Manufacturing Industry
Nisshin Steel Co.
Purchasing, July, 1999
Japanese steelmaker Nisshin Steel Co. has decided to slash 1,200 jobs, about 21% of its work force, over two years. The steelmaker expects to save $51 million annually in labor costs by reducing personnel to 4,400 from 5,600. Nisshin Steel plans to accomplish the job cuts mainly through attrition.
The company calculates a pretax loss of $17 million for the fiscal year ended March 31. It aims to post a pretax profit of $9.3 million in fiscal 2001 through restructuring and improved sales.
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