Olympic Steel Cuts 21% of Workforce

Olympic Steel has reduced its workforce by 21% from peak 2008 levels, and cut salaries.

The provider of steel products also made company-wide base pay cuts of up to 10%, and has reduced work hours.

Cleveland, Ohio’s Olympic Steel is a steel processor with major production operations in the United States. The company has seventeen facilities throughout the eastern half of the United States. It became a public company following an IPO in 1994. Olympic sells, processes, stores and trades flat-rolled steel in the US and other countries.