Russel Metals to Cut 500 Jobs, Reduce Exec Pay

Russel Metals, a Canadian metals distribution company, will eliminate about 500 jobs by the end of Q1 and reduce the salaries of some executives by 10%.

Costs will be reduced by more than C$25 million (US$20 million) this year, and operating expenses will be reduced by up to an additional C$70 million if certain performance thresholds tied to earnings aren’t met.

Demand for metals including copper and steel has plunged as the global economic recession reduces automobile production and building construction.