CANTON, Ohio — The workforce at TimkenSteel has been reduced by 14% over the last year as cost-cutting efforts continue to run deep at the Canton company. Changes to customer gifts and the elimination of top management positions have continued, according to News 5 media partner The Canton Repository.
In November, employees learned changes that included the end of customer gifts, such as clothing, mugs and other items.
Cost-cutting measures started before Timken chairman, president and CEO Ward J. “Tim” Timken Jr., left in early October. Terry Dunlap was announced as the interim chief executive officer and president.
Four college scholarships were presented to the children of employees this month, but those will come to an end, according to The Canton Rep.
TimkenSteel eliminated 55 salaried jobs last week, while the United Steelworkers Local 1123 estimates about 250 members are on layoff. TimkenSteel now has about 2,500 employees.
The company set a goal earlier in the year for improved profitability of approximately $50 million per year, with $35 million being realized this year, according to Canton Repository.
Since becoming an independent company, TimkenSteel has been carrying a loss of $4.8 million, compared with a profit of $7.9 million during the same time period, The Canton Repository reported.