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News Breaks | | | | August 28, 2012 | | 08:04 EDT |  | SCHN | Schnitzer Steel announces significant cost reduftions, to cut 7% of workforce
The completion of these initiatives is expected to yield higher earnings and to increase shareholder returns by further integrating our Metals Recycling and Auto Parts Businesses, streamlining our corporate functions, and reducing organizational layers. These initiatives are expected to lower annual operating costs by $25M and be substantially complete by the end of the first quarter of fiscal 2013. Total restructuring charges are expected to be approximately $12M, with $5M of that amount expected to be incurred in the fourth quarter of fiscal 2012. Of the remainder, approximately half is expected to be incurred in the first quarter of fiscal 2013, with the balance by the end of the fiscal 2013. The restructuring charges primarily represent costs connected with the elimination of approximately 300 positions, or 7% of our current workforce, and contract termination costs, including from the consolidation of certain administrative offices. | |
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